LAW OFFICES OF ALLAN C. ALONGI

Business Succession

Often times businesses struggle to maintain success after transfer of ownership. It can partly be attributed to improper planning and consideration to adapt to new ownership. Our firm can assist you in creating a plan that eases transfer of ownership and implementing a plan that can adapt to changes in a way that maximizes chance of successful business continuation. 

The creation of a succession plan displays your commitment to long term stability and growth which in turn creates a culture of confidence both internally and externally. 
 

• Employees - relax knowing they will have job security regardless of the change in ownership.

• Managers - motivated to stay in an environment that is sustainable and long term.

• Customers - can build a relationship with the product/service offered, knowing there is a well thought out infrastructure behind what is offered.

• Lenders - are more inclined to invest in a business that has sustainability and a plan.

• Suppliers - contracts become less risky when there is a plan in place. The chances of breaching a contract due to lack of funding or vision is unlikely.

Once a plan is created, just as the industry changes, the business must adapt. It is critically important to regularly update the succession plan in order to remain current and the most effective, should there be a change in ownership.