Think of a succession plan as a trail map you leave for your business partners, heirs, and successors. It will outline programs and procedures in detail that should be followed in the event of your death, permanent disability, or retirement. A succession plan most likely will include:
- Instructions for distributing business assets, including stock
- Buy-sell agreements between you and your partners or heirs
- Named successors and instructions for each
- Instructions on how to handle business debt
- Business valuation
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