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Abstract: 

A Succession Plan for a family business is the Plan describing what needs to be done when the key person in the business wants to be involved with the business differently and wants to make sure the business is not adversely affected by the change. Being involved differently may mean working less, getting away from the office more, retiring, or selling the business. Whatever the goal, it means that the key person is changing either what he or she does or how he or she does it. Whenever the key person changes, change ensue for others in the business. They will either assume additional responsibilities or carry out their responsibilities in a different way. When the key person is involved differently, change occurs.

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Affiliations:  1: Maslon Edelman Borman & Brand LLP; 2: Fredrikson & Byron, PA.