Oklahoma business owners like you have more than the average resident to worry about when it comes to drafting trusts, wills, or other end-of-life plans. This is because you have your business to worry about, too. How can you ensure that it passes down in the way that you want it to?
FindLaw examines succession planning for small businesses, i.e. planning for how you are going to hand down the business after you have passed on or are otherwise no longer able or willing to manage it. Succession planning is particularly important for smaller businesses, as the entire business could be resting on your shoulders alone. Not only will you need to identify family members who have the qualities you are looking for in a successor, but you will also need to make contingency plans just in case no one in your family is willing or able to take on the position.
There are five steps for creating a succession plan. This includes choosing the successor, developing the training program that they will use, setting a timetable, planning out your own retirement, and then executing the succession plan. Throughout this process, you will be identifying critical functions within your company, passing on the skills and knowledge necessary to keep it running smoothly, and setting up systems that allow you to pass it over seamlessly while ensuring the successor has a deep and thorough understanding of the business.
It can help to have some legal aid in these situations. If you are intending to write out a plan for business succession, consider contacting an attorney for more information.