Business Continuity and Planning

Your business is your life’s work.  It may also be the life’s work of several generations of your family.  In many cases, several family members and other employees are dependent upon the viability and continuity of your business.  A business is not only a labor of love and lasting personal or family legacy, it is also often a major component of an owner’s or partner’s personal estate.

Among the regular and ongoing services Callaghan Parente LLP offers to its business clients is Business Continuity (Succession) Planning.  It is crucial that every business establish a business succession plan to ensure the continuity of the business, and/or an “exit” plan to obtain the greatest value for the business upon the owner’s exit.

Comprehensive and thoughtful planning also helps to ensure the stability and success of your business in the event of a business or personal crisis, some unexpected event, or upon a key person’s death, disability, or departure from the business.

It is equally important to maximize and protect the return from the fruits of your labor for you and your loved ones. Business succession plans outline in detail the who, what, when, why, and how changes in ownership and management are to occur, and provide peace of mind and stability for the business, its principals, and its employees and other “dependents.”

Business succession planning is a multi-phased, multi-disciplinary process which begins with a top to bottom review of your business.  It often includes the drafting and/or updating of corporate documents (such as Shareholders, Operating, or Partnership Agreements, By-Laws, etc.) as well as wills and trusts for the individuals involved; the reorganization of equity; and, reviewing existing or obtaining new insurance policies.

In most cases, Buy-Sell Agreements are drafted.  The process usually involves the counsel of additional independent professionals such as accountants, financial planners, and bankers, who each contribute specialized skills and experience. Callaghan Parente LLP maintains close working relationships with experienced financial planners, accountants, and bankers dedicated to assisting our clients in reaching their goals.

Once a succession plan has been established, it is critically important that the completed plan be regularly and continually reviewed and updated as circumstances change.

Recognizing that each business owner’s concerns are unique, we develop comprehensive customized plans that give our clients the peace of mind of knowing their business is prepared to maintain continuity and adapt to both planned and unforeseen changes. Working closely with our clients, we identify their goals and objectives, identify potential pitfalls, and develop innovative solutions.