Business Succession Planning

A thoughtful plan today ensures your business thrives tomorrow.

Business succession planning is the legal and strategic process of preparing for the future transfer of ownership and management of your business. Whether you're planning for retirement, protecting against unforeseen events like incapacity or death, or preparing to pass the business to family members or key employees, a well-crafted succession plan protects your legacy, your employees, and the value you’ve built.

At its core, business succession planning lies at the intersection of estate planning and business law. For business owners, a succession plan is not just a business strategy—it’s an essential part of a complete estate plan. It ensures that your business can continue operating smoothly and according to your wishes if you're no longer able to lead it. At the same time, it must align with your business’s legal structure, governance documents, and operational goals.

Proper business succession planning typically involves multiple coordinated legal documents and strategies, including, but in no way limited to:

  • Buy-Sell Agreements
    Define how ownership interests will be transferred upon retirement, death, disability, or departure of a business owner.

  • Operating Agreements or Bylaws with Succession Clauses
    Provide continuity rules and decision-making structures in LLCs or corporations.

  • Revocable or Irrevocable Trusts
    Hold business interests in trust to allow for controlled management and eventual transfer without probate.

  • Powers of Attorney
    Designate a trusted person to make financial or operational decisions if you become incapacitated.

  • Shareholder Agreements or Partnership Agreements
    Outline succession terms, voting rights, and ownership structures among multiple owners.

  • Employment or Incentive Agreements
    Retain and reward key employees who are vital to long-term business success.

Each plan is tailored to the unique goals, structure, and values of the business and its owner. At Devey Law, we help you build a comprehensive legal strategy that not only preserves the value of your business but also provides peace of mind for you and those who depend on it.