Succession Planning Mistake Number 3 - Do not put legal documents in place to allow key persons to take over new responsibilities and designate who will be the President if the Owner/President becomes disabled or dies.
Have you worked with your attorney to make sure that the legal documents are in place to allow the the new President to take control of the company upon the Owner's disability or death?
Has the new President been given copies of the legal documents that would be needed to take control of the company upon the Owner's disability or death?
Click on the video from the February 2nd, 2017, Succession Planning Workshop attached to find out how to protect your business in the event of the Owner's disability or death. Find out what legal documents are necessary depending upon whether the company is organized as a Sole Proprietorship, Partnership, Corporation, or a Limited Liability Company.
To find out more about all of the top 10 succession planning mistakes made by business owners, go to Heschlaw.com. You can watch a video of Bill discussing the ten mistakes and get a copy of his Workshop outline and tools to review in the comfort of your home or office.
Succession planning is complicated. Are you getting all of your succession planning questions answered by your CPA, attorney, and financial planner? As an attorney, CPA and financial planner all in one, Bill Hesch is uniquely qualified to give you a second opinion.
Call Bill now at 513-509-7829 for a free consultation by phone or in person. Piece of mine is only a phone call away.