What are the benefits of a succession plan?

What are the benefits of a succession plan? | Business Legal, PC | Lynn R. Emerson | | (412) 257.2617 | 5021 Noblestown Rd., Oakdale, Pennsylvania 15071
The benefits of succession planning are numerous. It provides that there will not be chaos with regard to the management of the business if something unexpected happens to the current owners and managers. It also allows for making sure that there's planning for financial obligations, such as, inheritance tax or avoiding the maximum inheritance tax by having something unexpected happen to the owners. Those are some of the benefits of it, but it can also involve being able to address inequities between children who may be involved in the business and those that are not involved in the business. There are a number of benefits to having a plan as opposed to not planning at all.

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