When to
Start Your
Succession
Plan
By Mark Hoag
W
The following advice will answer the above questions and
help determine when to start your succession plan.
W
your plans
• hat areto retire and for retirement? – When are you
planning
what does retirement look like to
If you have a business partner, it is important to draft an
appropriate shareholder agreement in the early stages
of the business. There are an overwhelming number of
items to address when starting a business, and succession
planning is often forgotten. However, what happens
when one partner wants to exit the business before the
other? Does the remaining partner have the right of
first refusal to purchase the shares? What if the partners
cannot agree on a price for the shares? These questions,
along with many others, can be addressed in a shareholder
agreement. Leaving these issues unresolved until the time
when someone decides to leave the business can be time
consuming and cos K