Attorney
The television drama Succession makes uncertainty about a family business compelling entertainment. In an actual business, owners usually prefer clarity: who will make decisions, how ownership will change, and how employees and family members will be supported through the transition.
A business succession plan gives those questions a practical framework. It can address retirement or a planned sale as well as an unexpected illness or death.
Separate ownership from management
The person best suited to run a business is not always the person who should inherit all of its value. Some children may work in the company while others pursue different careers. A surviving spouse may need income without wanting day-to-day responsibility.
Consider who has the skills, interest, and authority to lead. Then consider how ownership and economic benefits should be distributed. Different voting and financial rights, a sale, life insurance, or other estate assets may help address the family’s goals, depending on the business and its governing documents.
Coordinate the agreements that control the transition
A will or trust cannot be reviewed in isolation. An operating agreement, shareholder agreement, partnership agreement, loan document, or professional licensing rule may restrict a transfer or affect who can manage the business.
A buy-sell agreement can specify triggering events, who may purchase an interest, how the price will be determined, and how payment will be funded. Review valuation methods and funding regularly. An agreement that depends on outdated insurance or an unrealistic payment schedule may be difficult to carry out when needed.
Prepare the people and the practical information
Identify the tasks that only you currently perform. A transition may require training, documented procedures, updated signing authority, access to appropriate records, and clear communication with key employees or advisers. The necessary detail will differ between a closely held professional practice and a business with an established management team.
Decide what should be communicated to family members and when. Honest discussion can uncover misunderstandings early, but the plan should respect confidentiality and avoid promises that the legal documents do not support.
Review the plan as the business changes
Growth, a new partner, a family change, a key employee’s departure, or a change in tax law may justify a review. Your lawyer, accountant, financial adviser, and insurance professional may each have a role in making the arrangements workable.
I can help coordinate business succession with your estate plan, including authority during incapacity and instructions at death. Contact Verras Law to discuss the future you want for your business and the people connected to it.
Sources: Florida LLC operating agreements; Florida LLC transfers of interests.
Updated October 26, 2026.