January 29, 2020

What is succession planning? 

At its simplest, succession planning is just as it sounds—planning on who might succeed you in your business.  While you might believe you will go on forever, succession planning takes into account the “6 D’s” which can cause a change in ownership structure.  Those are:  death, divorce, disability, distress (financial, like bankruptcy), disengagement (retirement) and disputes (with your partners).   A plan may be as simple as creating a will leaving your business to a child who is already the “heir apparent” to a complex analysis of how to increase profitability over a several year period so that a sale of the company may...

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Kaufman Drozdowski & Grendell, LLC   29525 Chagrin Boulevard, Suite 250, Pepper Pike, Ohio 44122   info@kdglegal.com   440.462.6500