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If you are at a transition point in the life of your company, you may want to speak to the succession planning lawyers at Gatlin Voelker, PLLC Turning over your business to a successor, whether that is a family member, a business partner, or another person within your organization, is a complex process. Doing it right can mean a smooth transition and even growth for your company. However, mistakes made during succession planning can have an impact on the health of your company. The succession planning lawyers at Gatlin Voelker, can assist you as your company transitions and grows.
Even if you are not currently in the process of transition, it may be wise to have a succession plan in place. In our dynamic business environment, businesses may need new leadership if a leader decides to retire, or needs to take time away from his or her role due to illness or another emergency. Having a succession plan in place long before the plan needs to be implemented provides security for the future of your business. If you are considering putting a succession plan in place, contact Gatlin Voelker, PLLC, succession planning lawyers in Kentucky and Ohio.
Common Succession Planning Mistakes
If you are picking a new CEO, it is important to consider your plans for your company, consider future opportunities, and consult with a qualified succession planning lawyer. According to Forbes, some companies make the mistake of selecting a successor outside the company without first considering qualified candidates from within. However, succession planning may involve planning for more than one position or role. If one person is promoted, others may need to be promoted, groomed, or trained to replace that role.
If you have a board in place, you will need to consult with the board during the process. Laws may govern what you can and cannot do. For example, the Sarbanes-Oxley Act of 2002 stipulates the responsibilities of the board. Even if you do not have a board, but own a family-run company, succession planning may involve different family members and stakeholders and should be considered carefully.
You should consider your company’s goals and values and identify those values for future leaders of your company. During the succession planning process and estate planning process, it is important to openly address differences of opinion and plan for possible changes to the business landscape. Because this process can become complicated, it is often wise to hire a qualified succession planning lawyer to assist you and other stakeholders with this dynamic and sometimes complex process.
Gatlin Voelker, PLLC are succession planning lawyers who can work with your company to understand your vision for the future and help you achieve your goals. Succession planning is a time for reflection, growth, development, and change. These times can often lead to growth, but they are also moments where a company can be vulnerable. As you pass on the torch or change your company’s internal structure, you don’t want your company to lose your essential vision. This is where our legal services can help your business to grow and develop.