What Is A Succession Plan, And Why Do I Need One?

Your business depends on you. If you retire or suddenly become unable to work, the enterprise that you have developed may be in jeopardy. Protecting your business from the sudden — and the eventual — loss of key managers is essential. In its various forms, succession planning may encompass:

  • Cultivating the next generation of leaders in your company to take the reins, whether because of your planned — or unplanned — departure.
  • Retaining key employees with the "carrot" of benefit packages and the "stick" of noncompete agreements.
  • Developing detailed agreements among the owners of a business to solidify management and financial arrangements, as well as to address the ramifications of death, disability and retirement.
  • Using board structures, trusts, powers of attorney and other techniques to minimize the effects of a sudden inability to exercise control.
  • Getting your business affairs in order, maximizing the value of your holdings and then smoothly selling your business to a qualified buyer.

  • Taking account of family considerations, so that wills, trusts, gifts and other estate planning techniques can help you benefit younger generations.

At Chipman Mazzucco, we assist companies in Fairfield County and the surrounding areas of Connecticut and New York to develop succession plans that are tailored to their unique circumstances. Whether you are planning to retire, sell your business, or give it to the next generation, we will provide the experienced and innovative guidance you need.

Consult One Of Our Lawyers

In your initial consultation, one of our experienced business law attorneys will learn about your goals and explain more about how succession planning may help you. To schedule an appointment, please call our office in Danbury at 203-501-1712, or complete an online contact form.