Business Succession Planning is the process of passing control of your business to someone else (often your children or other family members). We can create a plan for someone to take over after your retirement, death or disability.



The first step of writing a succession plan is to designate a person who will run the business (a successor) followed by deciding on the way of transferring ownership (selling to a co-owner, an employee or someone outside of your firm, passing to a family member).

A succession plan is important upon retirement but could also serve as a safety net in unexpected events. Having a designated person who will take over the company might be a good way to ensure that your life's work will be in good hands after you are unable to run it. It is also very important to review a succession plan regularly since business may change throughout the years and so does the way you might want to transfer it.