Most people are not content simply to walk away from a company they built without having any input about who will follow in their footsteps and how the business will function in the future. If you have partners, you should have a plan to make things go smoothly if one of them suddenly retires, dies, or has to leave the company. A business succession plan can address both of these issues.

Our Maryland business attorney can help identify resources and explain various programs aimed at helping struggling businesses recover after COVID-19 or another crisis.

A business succession plan is a document that guides you through the change in ownership of your company. Business succession plans that are well-crafted include several sections that cover many topics and information.