Add note in the Succession Agreement

Aug 6th, 2022

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How to add note in the Succession Agreement

4.8 out of 5

29 votes

Hi Lee Phillips here and I want to talk toyou about what im going to call business succession planning what does a littlebusiness do when its owner dies well 95% percent of the time the business fails andthe number of businesses that survive the death of the founder, the owner, original owner are justtiny so if you want the business to survive at all youre going to have to do some planning 1) whos going to take over when this guy dies the original owner dies could be the sons orthe daughters or the wife or maybe Joe or who you know a major employee but thatssomething that has got to be considered and there actually needs to be something atleast talked about as to how its going to work then youve got to figure out how is itgoing to work from a legal standpoint if dad owns all of the stock allthe membership interests in the LLC then how do we get that to the sons or the newguy, Joe or whoever is going to start to manage and take over this thing now moms going to wantit

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