Updating Company Documents is an Essential Part of Succession Planning

Much of succession planning is about the wants and desires of the founder and their heirs. To start any succession planning, the family must come together to decide what the future of the business looks like and the roles each of the family members will have over time.

Then, the next step is deciding how to accomplish those goals, whether it is through a trust, a gift, an inheritance or a sale. 

With that road map in place, it will be time to update all of the company documents to ensure they clearly show all the changes to ensure there are fewer issues during the process.

Unfortunately, too many small businesses are not ready for succession. 

A recent report from U.S. Bank shows the issue clearly.

“Owners may want help navigating the succession planning process as nearly two-thirds (62%) find the process of succession planning overwhelming. Well over half (56%) worry they won’t get a reasonable price for their business when it’s time to sell, and roughly half (53%) say they lack the proper resources or guidance to plan for the future of their business.”

While the process may seem overwhelming, a great team of advisors can take care of the technical issues, like updating company documents, for the founder and their heirs.

The attorneys at The Orlando Law Group specialize in helping businesses structure their succession planning in Orlando, Sanford, Winter Garden and Kissimmee and are here to help set up the tools and programs that can keep your company running for generations.

Documents that need to be changed first

As a company’s founder and heirs start to prepare to implement the transition, there are specific documents that need to be changed. They include the following:

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