Hello Everyone! Recently, we met with a few attorneys with small practices, in their late 60’s with no plans of retirement, nor thoughts of business succession. That’s a concern we have for many business professionals today who know better to plan for events like this, yet they don’t. Over the years, we’ve seen many business professionals own and operate very successful practices/businesses, however we’re still surprised to see how many have not planned for their business succession.
If there is a younger family member coming into the practice or business, then that is a natural business succession, and the business owner has a whole lot less to concern themselves with. Conversely, if there is no family member or young associate interested in taking over the practice some day, then that leaves a potentially valuable asset foregone and left behind, and clients that will still need to be served. Read more