What is a business succession plan?

A business succession plan is a plan for the ownership and management of a business after the current owners and managers retire or leave the company. This plan outlines the process for transferring ownership and management of the business to new owners and managers. It may include outlines for transferring stock ownership, clarifying the duties and roles of the new owners and managers, and ensuring that the business has the resources and personnel to continue operating successfully after the current owners and managers are gone. A business succession plan also includes instructions for handling the assets and liabilities of the business in an orderly and efficient manner. The succession plan may also include details about legal documents, such as wills and trusts, that need to be in place in order to ensure the business continues to operate after the current owners and managers retire or leave the company. In Washington state, business succession plans must be properly drafted and executed in order for them to be legally binding.

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