Succession Planning Trends

Goals

In order to become a trusted source of information about trends and laws in succession planning (especially for small and mid-size businesses, within families, ESOP/employee stock ownership, or other types of hand-offs) with the ultimate use being to develop a blog post. Specific states of interest include CT, NY, RI, or MA.

Early Findings

  • A few best practices related to succession planning, as opposed to exit planning, are creating a succession planning team, conducting role and people analyses, and developing and documenting the succession plan (e.g., developing timelines and identifying stakeholders or third-party permissions). The final step is to proactively implement the plan.
  • In Connecticut, if the business in question is an LLC, partnership or corporation, there may already be provisions in place that dictate passing ownership shares. However, rules change based on situations like voluntary retirement.
  • An additional layer to consider in Connecticut is that different tools are used to accomplish certain goals. For instance, grantor retained annuity trusts, private annuities, and family limited partnerships might be best depending on the circumstances of the business succession planning.
  • One source that appeared to have a lot of recent articles to mine includes Human Resources Today’s resource list for succession planning trends.
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.

Proposed next steps:

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