We would like to encourage all of you, our clients, to give some thought and consideration to your business succession planning needs.

We know all of you are extremely focused on the daily operations of your company, especially in these difficult economic times. Since you are focused on the daily operations, succession planning is an often overlooked aspect of business continuation. Unfortunately, we have seen numerous times where the transitioning of the business and providing for loved ones is a necessity due to a tragic event to the owner or one of the business partners.

We have seen many good plans that were designed flawlessly, but the key is in the execution. Without proper implementation, these plans can become a tax or economic nightmare.

We have also found situations where plans have not been updated or reviewed to account for the dynamic changes of each partner, a new partner, or the addition of a management group member. Some of the dynamic changes are events such as death, disability, divorce, marriage, or dependents. Each of these changes can drastically change or even nullify the current succession plan.

As a result of the above changes, buy/sell agreements, disability and life insurance coverage constantly have to be re-evaluated for the owner’s benefit and for the company’s survival.

If you have any concerns regarding these types of issues, we hope you will provide us the opportunity to discuss these issues with you very soon. Please contact Nancy Schulze at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it or Greg Hext at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it with your questions or for additional information. If you prefer to call, our office number is 972-644-7112.