Business Succession Planning
/ˈbɪznɪs səksɛʃən ˈplænɪŋ/
Definitions
- (n.) The process of preparing and executing a strategy for transferring ownership and management of a business from the current owners to successors, ensuring continuity and minimizing legal and financial risks.
The family engaged in business succession planning to secure the company's future after retirement.
Forms
- business succession planning
Related terms
See also
Commentary
Effective business succession planning requires addressing legal, tax, and operational issues, often involving tailored agreements and estate arrangements to avoid disputes and facilitate smooth transitions.
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.