What is a business succession plan?

A business succession plan is an important legal document that outlines what will happen with a business when its current owners, such as the founders, retire or die. It is designed to ensure the continuity of the business and to protect the interests of those involved in the business. In Arizona, a business succession plan is used to identify potential successors, outline the transfer of ownership, provide for tax planning, and determine the future management structure of the business. It may also spell out any family agreements or determinations of estate planning that need to be made in the event that something were to happen to the current owners. The business succession plan also includes plans for the distribution of the business’s assets and liabilities. This includes the transfer of ownership, how profits and losses will be distributed, and how control of the company will be handled after the transfer. The business succession plan is the legal document that will ultimately determine who will control the business and how it will be managed when the current owners are no longer a part of it. It is important to have a comprehensive plan in place to ensure the continuity of the business, and to protect the interests of the current owners and the future owners.

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What is a business succession plan?

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