Can you explain what business succession planning is and how you help with that?

Minneapolis Business Succession Planning Attorney, Ivory Umanah, talks about business succession planning and how he helps with it.

Contact Ivory Umanah

Email: [email protected]

Phone: (612) 455-7726

Transcript:

I work with business owner primarily. One of the joys in what I do is to see them through the business operation during their lifetime, and how that particular business gets transitioned from them over to the next generation.

Something like 93 percent of businesses generally do not move along to the next generation of the same family. They fall off because there’s nobody to take over.

So the process of helping plan the takeover beyond the person currently running the business is business succession planning, and everyone does that at different stages. But that’s essentially what that is.