Who should participate in the business succession plan process?
Minneapolis attorney Sally Grossman discusses who should be involved in the business succession planning process.
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At a minimum, the business owner and his/her spouse should participate in developing a business succession plan. I think, also, adult children, whether they’re involved in the business or whether they’re not involved in the business, are a really important part. And, sometimes the children spouses, but that can be helpful or that can be divisive, depending on the family situation. So, it’s kind of on a case by case basis. You probably want to talk with the key non-family member employees and get their input. Remember, it’s always the business owner’s decision. You’re not asking these other people to vote on what happens. You’re just soliciting their input in finding out what’s their prospective on what would be best for the business. Who might be best in a leadership role? But, the decision is always the business owner’s.