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How a Business Law Attorney Can Help You Train Your Successor

Posted on in Business Law

Arlington Heights business law attorneyIf you are a business owner, you have probably already considered what you want the future of your business to look like. Most business owners plan to eventually pass down control of the business to a family member or other successor. Many business owners end up selling their companies entirely and walk away with a lucrative retirement nest-egg. Others pass on the business to a son or daughter. Whatever you see as the best possible future for your business, a skilled business law attorney can help make your dreams a reality.

Selecting a Business Successor

Many business owners hand-pick the individual who will eventually take over full control of their company. In fact, some business owners have the intention of passing the company down to a child or grandchild from the very start. In other instances, business owners find that one or more hired employees have promise as burgeoning executives and could possibly develop the expertise necessary to confirm the company’s continued success. Regardless of who becomes your company’s successor, it is crucial that he or she is capable of managing the challenges of running a business as well as challenges and obstacles specific to your industry.

In many circumstances, current clients can provide beneficial feedback regarding potential successor candidates. Your company’s existing customers should be comfortable with the eventual change in leadership. It can be difficult or nearly impossible to make a dramatic change in leadership without the support of your existing customers. It is also imperative that any prospective successor has clearly defined objectives and goals – both personally and professionally. A successor who is not sure what he or she wants may not be the best candidate for the position.

Training Your Successor Is a Long-Term Undertaking

Once you have identified a successor, be upfront about your intentions. Tell the potential successor and the rest of your staff about the eventual change. Make sure to also specify a timeline for preparing the individual for his or her new role. Taking an organized approach to training and working closely with your successor is crucial to helping him or her develop the skills necessary for success. It may be best to dole out this training in a slow but steady manner. Overwhelming a potential successor can result in burnout and problems for your company in the future.

Contact an Illinois Business Law Attorney

To learn more about successful business succession, contact an experienced Arlington Heights business law attorney. Call 847-749-4182 to schedule a confidential consultation at A. Traub & Associates today.

 

Sources:

https://www.forbes.com/sites/evangelinegomez/2011/10/12/identifying-a-successor-for-your-family-owned-business/

https://www.foxbusiness.com/features/7-steps-to-a-succession-plan

Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
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