Recently, SBAM hosted an insightful webinar on succession planning, in collaboration with our legal services partner, Mavacy. This session marked the third in a series of four webinars designed to provide SBAM members with valuable legal guidance.
Meet the Legal Experts
Mavacy, the approved legal services partner for SBAM members, offers a comprehensive range of services. These include general counsel, employment, human resources, privacy, security, and intellectual property. Their expertise ensures that SBAM members receive top-notch legal support.
Importance of Succession Planning
Succession planning is essential for ensuring smooth leadership transitions and safeguarding the business from disruptions, both planned and unplanned. It involves preparing for the continuity of the business beyond the current leadership.
The webinar highlighted various types of succession plans, including passing the business to family members, employee stock ownership plans (ESOPs), external sales, and management buyouts. Each type comes with its own set of considerations and complexities.
Key questions for succession planning include identifying potential successors, managing the transition process, and establishing a timeline for the succession. Early preparation is crucial to ensure readiness for any unexpected events.
Training and developing successors are critical aspects of succession planning. Proper training ensures that successors are well-prepared to take over the business, maintaining continuity and success.
If you were not able to attend this webinar or would like to revisit the content for further review, please view a recording below and click here to access the slides. We hope to see you at our next legal webinar!