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You’ve built a business and it’s very successful. You want it to continue into the future. How do you make sure you protect it? The answer, simply stated is by succession planning. Succession planning helps you: 1) Hand pick your successor 2) Define the terms, conditions and financial details of your withdrawal 3) Secure the successful performance of your successor going into the 4) Regain possession of your business should there be a default of one or more key provisions of the succession agreement. In the absence of a well written succession plan you’re at the mercy of one or more key employees, investors or family members. Just because your son/daughter is next in line to take over your business, doesn’t immunize you from risk. Truth be told, in their minds they think they are entitled to your business. Once they take over, they may forget that they are buying the business instead of being “gifted the business”. What about your other children who do not work in the business? What about your spouse? What about your key employees? Corporate Succession Planning in New Jersey: It’s a Matter of Life or Death to Your Company As the owner of a New Jersey corporation, what happens if you retire or, become disabled? Will your life’s creation continue a year later? What will happen to your company? Fredrick P. Niemann a New Jersey business succession attorney and lawyer with 30 years experience identifies the reasons every New Jersey Corporation should have a succession plan and why it is so vitally important to the owner of a New Jersey company. From the financial terms of the buyout, compensation of owners, shareholders ownership, and securing the value of your stock shares, Mr. Niemann explains the important factors to address in a comprehensive corporate/business succession plan. Remember a well written succession plan should cover: 1) Your future involvement and participation in the business. 2) Your Retirement and compensation in retirement 3) Your Disability and compensation if you become disabled 4) Your Death and the buyout of your ownership interest in the
You may find these additional websites of interest as you read passingonabusiness.com. NEWJERSEYCORPORATIONATTORNEY.COM Hanlon Niemann  Promote Your Page Too Passing on a Business in NJ | Succession Planning in NJ | NJ | New Jersey | Attorney | Lawyer | Business | Company | Transferring | Selling | Retirement | Succession Planning | Employees | Selling Business | Death of Owner | Children _______________________________________________________________________ Website by: Elder Lawyers On The Web |
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