What Is It Business Succession Planning?

Business succession planning: What is it?

Business succession is the process of selecting a successor and creating a strategy to make it work. Even though many business owners put off business succession planning until the very last minute, it’s an essential step in assuring the company’s survival in the future.

Planning for business succession is important for your professional and personal well-being even if no one wants to consider passing their hard-won firm on to someone else or reaching the point where an exit strategy is required.

Planning for business succession effectively avoids misunderstandings and guarantees that your family firm will continue to thrive and expand even after you retire. Effective succession planning will also lower the expense and liabilities related to the transition.

Creating a Family Succession Plan

Many people invest years of their lives and build family companies in the hopes of seeing them succeed. But when the time comes to transfer control of the business. When this occurs, the majority of people plan for family succession. For people whose children or other family members are interested in taking over the family business, family succession is the best choice.

Hire a Lawyer

Even, and especially, if you’re handing your business over to a family member, you’ll want to hire a lawyer to help you.

Because most family succession cases involve a significant transfer of assets, having a lawyer on board will help ensure that you make good tax decisions, that you keep your assets safe, and that your family members take over with a contract that’s favorable to them.

Business Succession Attorney Free Consultation

If you have any questions or in need a Business Succession Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Business Succession, Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

When you need a Lawyer, contact this law firm:

Parklin Law

5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699

Taylorsville, Utah

From Wikipedia, the free encyclopedia
Taylorsville, Utah
Location in Salt Lake County and the state of Utah.

Location in Salt Lake County and the state of Utah.
Coordinates: 40°39′18″N 111°56′58″WCoordinates40°39′18″N 111°56′58″W
Country United States
State Utah
County Salt Lake
Settled 1848
Incorporated July 1, 1996
Named for John Taylor

 • Mayor Kristie Overson
 • City Council Ernest Burgess, Anna Barbieri, Meredith Harker, Curt Cochran & Bob Knudsen
 • Presiding Judge Christopher Bown

 • Total 10.85 sq mi (28.10 km2)
 • Land 10.85 sq mi (28.10 km2)
 • Water 0.00 sq mi (0.00 km2)

4,295 ft (1,309 m)

 • Total 60,448
 • Density 5,571.24/sq mi (2,151.17/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP codes
84129, 84123
Area code(s) 385, 801
FIPS code 49-75360[2]
GNIS feature ID 1433206[3]
Website http://www.taylorsvilleut.gov/

Taylorsville is a city in Salt Lake CountyUtah. It is part of the Salt Lake City metropolitan area. The population was 60,448 at the time of the 2020 census. Taylorsville was incorporated from the Taylorsville–Bennion CDP and portions of the Kearns metro township on July 1, 1996. The city is located adjacent to Interstate 215 and Bangerter Highway. It is located in the middle of the Salt Lake Valley.

Comments are closed.