Top 10 questions Nashua business owners should be asking to implement a business succession plan

business succession plan

Many New Hampshire business owners commonly have not reviewed their estate planning documents with an attorney in many years nor have they developed a formal business succession plan.

To avoid huge mistakes, business owners should take the time to ask the following pertinent questions:

  1. Do I have a will and/or trust and are they up to date?
  2. Do I have a plan to retain key employees if something happens to me?
  3. Have I had my Trust & Estate Plan reviewed in the last five to ten years?
  4. Do I have a formal business succession plan prepared?
  5. Has my business been valued by a certified appraiser or business intermediary (i.e. broker)?
  6. Have I involved key employees and/or family members in my succession planning?
  7. Have I identified and written down who I want to run the company?
  8. Do my family and employees know who is going to run the company?
  9. Do I have disability, buy-sell or overhead expense coverage?
  10. Do I have a team of trusted advisors in place?

Should you know a business owner who needs assistance with answering these questions and developing a comprehensive plan to implement a buy-sell agreement, estate planning and business succession planning, please have them contact the business attorneys at Welts, White and Fontaine, P.C., and ask for Attorney John S. Polgrean (603) 883-0797 or jpolgrean@lawyersnh.com

Author: John Polgrean

This blog is intended for informational use only. The information contained herein should not be construed as offering legal advice or a legal opinion.