Legal Will Online

Business Succession Planning

Protect your business legacy and ensure smooth transitions for your family and employees

What is Business Succession Planning?

Business succession planning is the process of preparing for the transfer of ownership and control of your business when you retire, become incapacitated, or pass away. It ensures your business continues to operate smoothly and maintains its value for your beneficiaries.

Business Continuity

Ensure your business operations continue seamlessly during transitions or unexpected events.

Value Preservation

Maintain and maximize your business value for your family and beneficiaries.

Employee Security

Protect your employees' jobs and provide clarity about the company's future direction.

Why Every Small Business Owner Needs a Succession Plan

Most Business Value is Lost Without Planning

Studies show that 70% of family-owned businesses fail to survive the transition to the next generation. Without proper planning, your life's work could lose significant value or cease to exist entirely.

Tax Implications Can Be Devastating

Without proper succession planning, your business may face significant tax burdens that could force a sale or liquidation, reducing the inheritance your family receives.

Key Employees and Customers May Leave

Uncertainty about the business's future can cause key employees to seek other opportunities and customers to take their business elsewhere, eroding value rapidly.

Family Conflicts Can Destroy Relationships

Without clear guidance on business ownership and management, family members may disagree about the business's future, leading to costly disputes and damaged relationships.

Time-Sensitive Decisions Under Pressure

If something happens to you unexpectedly, your family will be forced to make critical business decisions during an emotional time, often leading to poor outcomes.

Key Components of Business Succession Planning

Business Ownership Structure

Define how ownership will be transferred and to whom

Management Transition

Identify and prepare successors for key leadership roles

Valuation Methods

Establish how the business will be valued for transfer purposes

Tax Optimization

Minimize tax burden on the business and your heirs

Contingency Planning

Plan for unexpected events like disability or premature death

Legal Documentation

Create binding agreements and update corporate documents

Business Succession Planning Included in Every Package

Every Will and Trust package from Legal Will Online includes essential business succession planning provisions at no additional cost. Your business planning documents will include:

Business ownership directives
Management succession instructions
Business asset distribution
Partnership/LLC considerations
Key employee protection
Business debts and liabilities
Incapacity planning for business
State-specific business laws

Protect your business legacy • Attorney-reviewed documents • Valid in all 50 states