Business Succession Plan
/ˈbɪznɪs səksɛʃən plæn/
Definitions
- (n.) A documented strategy outlining the transfer of ownership and management of a business to successors, designed to ensure continuity and minimize disputes.
The family created a business succession plan to smoothly transfer control to the next generation.
Forms
- business succession plan
- business succession plans
Related terms
See also
Commentary
Effective business succession plans should address legal, financial, and operational considerations to prevent future conflicts and ensure seamless transition.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.