Documents You May Need for a Business Succession Plan

Essential documents to ensure a secure and effective succession plan

Business succession planning can be complex, involving the preparation of a range of documents.

It may require existing governing documents – like a partnership or operating agreement or articles of incorporation – to be updated. It may also involve drafting new documents including:

Appraisals or business valuations
Entity purchase agreements, where a company takes out insurance policies on each partner so that, in the event of a death, the insurance payout is used to purchase the deceased partner's shares
Buy/sell agreements, enabling the surviving partners to buy the deceased's partner's shares from his or her family
Employee stock ownership plans, which allow employees to purchase the departing owner's interest via shares
Management buyout plan, allowing the management team to buy the company

The circumstances of a business and its specific succession plan will determine the documents needed to execute it. A business succession lawyer can advise you on the relevant paperwork in your situation and draft any technical documents for you.

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