Comprehensive Guide to Business Succession Planning in Woodbury, Tennessee
Business succession planning ensures the continuity and stability of a locally owned business when ownership or leadership changes. For Woodbury business owners, it means preparing legal documents, tax planning, and operational transitions that reflect family and community priorities. A thorough approach helps protect business value, preserve relationships with employees and customers, and reduce disputes during transfer. This introductory overview outlines what to expect from the planning process, key decision points, and practical steps to begin creating a succession plan tailored to a business operating in Cannon County and the broader area of Tennessee.
Successful succession planning in Woodbury addresses ownership transfer methods, governance after transition, and the financial implications of each choice. It balances business continuity with owners’ personal goals, whether retirement, partial sale, or passing the business to family members. Effective planning also prepares for unexpected events and minimizes interruptions to operations. This page explains common strategies, legal documents used in succession plans, and how a coordinated plan can protect assets, maintain customer trust, and help keep a business contributing to the local economy through a smooth change in ownership or management.
Why Business Succession Planning Matters for Woodbury Businesses
A well-built succession plan gives a business direction when founders step away, suffer incapacity, or wish to transition ownership. For Woodbury companies, those benefits include reducing the risk of internal disputes, ensuring regulatory and tax compliance specific to Tennessee, and preserving relationships with employees and suppliers. Planning can also protect the business’s goodwill and community presence by preparing leadership continuity and financial stability. By documenting roles, timelines, and transfer terms ahead of time, owners can reduce uncertainty and create a framework for predictable decision-making during a transition.
About Jay Johnson Law Firm and Our Approach to Succession Planning
Jay Johnson Law Firm focuses on delivering practical legal solutions for estate planning, probate, and business succession matters in Tennessee. Our approach centers on listening to each client’s unique goals, assessing business structure and financial considerations, and preparing clear legal documents that reflect those priorities. We work with business owners to coordinate trusts, buy-sell agreements, entity reorganizations, and other measures that support orderly transfers. The firm emphasizes communication and responsiveness so clients understand the process, timelines, and potential outcomes for transitions affecting businesses in Woodbury and surrounding communities.
Understanding Business Succession Planning Services
Business succession planning combines legal, financial, and personal decisions to guide the transfer of ownership or control when a current owner retires, sells, or becomes unable to manage the company. The legal component includes drafting agreements that govern how transfers occur, addressing tax implications, and ensuring compliance with Tennessee regulations. It also often involves coordinating with accountants and financial planners to align estate plans, business valuation, and retirement goals. A comprehensive plan clarifies contingencies, protects business relationships, and helps ensure the business remains viable under new ownership or leadership.
The scope of succession planning varies by business size, ownership structure, and the owner’s goals. Family-owned businesses must address inheritance and family dynamics, while partner-owned entities need clear buy-sell agreements and valuation mechanisms. Planning also considers liquidity options, such as gradual ownership transfers or structured buyouts, to minimize disruption. In Tennessee, careful legal drafting can reduce the risk of probate complications for owners, streamline tax outcomes, and preserve the business legacy for employees and the broader community.
What Business Succession Planning Entails
Business succession planning is the process of preparing for a change in business ownership or management by documenting how assets and responsibilities will be transferred. The plan typically includes governance rules, transfer triggers, valuation methods, and funding strategies to support buyouts or ownership shifts. It may involve restructuring a business entity to facilitate transfers, establishing trusts or other mechanisms for ownership transition, and coordinating estate planning documents with the business plan. The goal is to provide clarity and continuity so the enterprise can operate smoothly during and after the transition.
Key Elements and Steps in a Succession Plan
A succession plan usually covers several essential elements: identifying successors or buyers, setting valuation methods for ownership interests, drafting buy-sell agreements or transfer instruments, and arranging funding to support the transition. It also addresses tax planning, employee retention strategies, and continuity of operations. The process begins with an assessment of business goals and structure, followed by drafting legal documents, coordinating with financial advisers, and implementing governance adjustments. Regular reviews keep the plan current with changing business conditions and personal circumstances.
Key Terms and Glossary for Business Succession Planning
Understanding the terminology used in succession planning helps business owners make informed decisions. Common terms include buy-sell agreement, valuation method, transfer trigger, and continuity provisions. Each term affects how ownership interests move and how the company will operate after a transition. This glossary provides plain-language definitions of important concepts to help Woodbury business owners evaluate options, discuss plans with family or partners, and work effectively with legal and financial advisers to implement a dependable transition strategy.
Buy-Sell Agreement
A buy-sell agreement is a legal contract among business owners that outlines how an owner’s interest will be handled upon retirement, death, disability, or departure. It establishes who may purchase the interest, how the interest will be valued, and the timeline and terms for completing the transfer. Funding mechanisms, such as life insurance or installment payments, can be included to ensure liquidity at the time of transfer. A properly drafted buy-sell agreement reduces uncertainty and preserves business continuity by providing predictable procedures for ownership changes.
Valuation Method
A valuation method specifies how a business’s worth will be determined when ownership interests are transferred. Common approaches include formulas based on revenue or earnings, independent appraisals, or fixed price schedules that are periodically updated. The chosen method affects the financial outcome for selling owners and buyers, so clarity and fairness are important to reduce disputes. Including a valuation procedure within the succession plan helps ensure that transfers occur without lengthy disagreements over price, facilitating smoother transitions for Woodbury businesses.
Transfer Trigger
A transfer trigger is an event that initiates the process to transfer ownership or management, such as retirement, death, long-term incapacity, divorce of an owner, or a decision to sell. Defining triggers and the steps that follow each one helps the business respond quickly and consistently in times of change. Clear triggers can also activate funding provisions or governance changes designed to maintain operations, provide for successor leadership, and protect the value of the business for employees and stakeholders in Cannon County and beyond.
Funding Mechanism
A funding mechanism provides the resources needed to complete an ownership transfer, which may include insurance proceeds, installment payments, or escrow arrangements. Proper planning identifies likely costs and secures reliable funding to honor buy-sell terms or support a successor. Choosing appropriate funding reduces the financial strain on remaining owners and helps ensure that the transfer occurs under the agreed terms rather than being forced by lack of liquidity. Clear funding provisions support continuity and help preserve the business’s ongoing operations.
Comparing Limited Versus Comprehensive Succession Approaches
Business owners must weigh whether a narrow, limited plan or a broader, comprehensive approach best suits their needs. A limited plan may address only immediate transfer terms for a partner or owner, offering a cost-effective short-term solution. A comprehensive plan integrates ownership transition with estate planning, tax strategies, and operational continuity to address multiple contingencies. Each approach has trade-offs: limited plans can be quicker to implement, while comprehensive plans are more thorough and can prevent gaps in governance and finance. Evaluating future goals and risks helps determine the right path.
When a Targeted Succession Plan May Be Appropriate:
Simple Ownership Structures or Immediate Needs
A limited succession plan can be suitable for small businesses with a few owners and straightforward operations where immediate transfer terms are the primary concern. If owners agree on valuation and transfer procedures and have little need for complex tax planning or governance changes, a focused buy-sell agreement may provide the necessary protection. This approach addresses the immediate risk of ownership disruption without the time and expense of a full restructuring, making it a practical choice for owners seeking a clear, direct mechanism for handling foreseeable transfers.
Lower Complexity and Clear Successor Arrangements
When successors are identified and prepared, and the business’s financial picture is stable, a limited plan can formalize the transfer process efficiently. Clear communication among owners and documented valuation methods reduce the likelihood of disputes. This option is often used where family members or partners are ready to assume control and where tax or estate considerations are minimal. Even so, some owners prefer to review the plan periodically to ensure it remains aligned with changing business conditions and personal circumstances.
Why a Comprehensive Succession Plan Often Provides Greater Protection:
Complex Ownership, Tax, or Family Dynamics
Comprehensive planning is important when ownership structures are complex, tax exposure is significant, or family dynamics could affect the transfer. It involves coordinating business governance, estate plans, and tax strategies to minimize surprises and preserve value. This level of planning also anticipates contingencies like disability or unexpected departure and integrates funding mechanisms to support agreed-upon transfers. For many Woodbury business owners, investing in a thorough plan reduces long-term risks and supports a smoother transition when leadership or ownership changes occur.
Protecting Business Value and Ensuring Operational Continuity
A comprehensive approach helps safeguard the business’s goodwill and operational processes by documenting succession in detail, addressing employee retention, and arranging financial support for transitions. It may include restructuring entity ownership, creating trusts, or establishing governance protocols that survive ownership changes. These measures reduce the chance that a transfer will disrupt daily operations or harm customer relationships. For owner-driven companies in Woodbury, planning that covers legal, tax, and operational matters offers a higher degree of protection for long-term viability.
Benefits of Taking a Comprehensive Succession Planning Approach
Taking a comprehensive approach provides clarity for owners, successors, and stakeholders by documenting roles, valuation methods, and funding strategies. This clarity lowers the potential for disputes during transitions and reassures employees and customers that the business will remain stable. Comprehensive planning also allows for tax-efficient transfers, coordinated estate planning, and contingency measures for unexpected events, which together help preserve the owners’ financial and legacy goals while maintaining operational continuity for the business and the community it serves.
Another important benefit is improved readiness for unforeseen circumstances. By anticipating triggers and funding needs, a thorough plan prevents rushed decisions that can harm value. It supports training and gradual leadership transfers, enabling successors to assume responsibilities with less disruption. The process also facilitates conversations among owners and family members about expectations and timing, reducing emotional conflicts. Overall, a well-coordinated plan balances financial considerations with practical steps to ensure the business can thrive under new ownership.
Preservation of Business Value and Relationships
A comprehensive plan helps preserve the business’s value by setting predictable terms for ownership transfer, protecting client and supplier relationships, and ensuring continuity of service. It creates mechanisms to retain key employees and maintain trust with customers throughout a transition. This attention to continuity avoids abrupt operational changes that could cause revenue declines or reputational harm. In rural and close-knit communities like Woodbury, maintaining those relationships often determines whether a business continues to serve local needs after leadership changes.
Reduced Legal and Financial Risk During Transfers
By addressing legal, tax, and funding issues ahead of a transfer, a comprehensive plan reduces the chance of disputes, unanticipated tax liabilities, or forced sales under unfavorable conditions. Clear documentation of valuation methods and funding sources mitigates conflicts among owners and heirs by setting transparent expectations. Coordinating the succession plan with estate planning documents also helps avoid probate complications that could interfere with a smooth transfer. These protective measures help safeguard both the business and the owners’ financial interests during transitional periods.
Practice Areas
Top Searched Keywords
- Business succession planning Woodbury TN
- buy-sell agreements Cannon County
- business transition attorney Tennessee
- ownership transfer planning Woodbury
- small business succession Tennessee
- valuation for buy-sell agreement
- funding mechanisms for succession
- estate planning for business owners
- protecting family business Woodbury
Practical Tips for Business Succession Planning
Start planning early and document intentions
Starting planning early gives owners time to build orderly transitions, train successors, and establish funding mechanisms without pressure. Documenting intentions reduces uncertainty among family members, partners, and employees. Early planning also allows for periodic reviews that adjust the plan as the business evolves. Making the plan a living document helps incorporate changes in business value, tax law, or personal circumstances. A proactive approach typically leads to smoother transfers and fewer operational surprises, preserving value and relationships during ownership changes.
Coordinate legal planning with financial advisors
Communicate the plan with stakeholders
Open communication with family, partners, and key employees reduces misunderstandings and prepares successors for their roles. Sharing the plan’s goals, timelines, and responsibilities fosters transparency and helps maintain morale. Regular updates and opportunities for stakeholders to ask questions can prevent conflicts later and ensure that everyone understands the practical steps involved. Clear communication also supports operational continuity by preparing staff to manage changes in leadership or ownership without service disruptions.
Why Woodbury Business Owners Should Consider Succession Planning
Succession planning addresses the realities that every business faces as owners age, retire, or decide to move on. Planning helps protect the economic value built over years and avoids hasty decisions that can harm operations. It allows owners to set terms that reflect their financial aims, family considerations, and responsibilities to employees and customers. For businesses in Woodbury, establishing a clear succession path preserves local jobs and maintains services that the community depends on, supporting long-term stability for both the business and the region.
Another reason to plan is to reduce legal and tax uncertainties that arise during ownership changes. Without written agreements and funding plans, owners may face disputes, unexpected tax burdens, or forced sales that diminish value. Succession planning also promotes controlled transitions, such as phased ownership changes or leadership mentorship, which can enhance the new owner’s ability to succeed. By addressing these issues proactively, business owners can ensure their legacy and support the company’s ongoing contributions to the local economy.
Common Situations That Trigger Succession Planning
Circumstances that typically require succession planning include retirement, death, incapacity, partner disputes, or a decision to sell the business. Changes in family circumstances, such as divorce or estate considerations, often make succession planning more urgent. Business growth or shifts in market conditions can also prompt owners to formalize transfer strategies to protect value. Recognizing these triggers early enables owners to put legal and financial safeguards in place so the business can continue serving customers and employees with minimal interruption.
Retirement or Planned Exit
When an owner plans to retire, a succession plan defines the timing, valuation, and transfer method, whether selling to a partner, family member, or third party. It ensures the retiring owner receives fair compensation and that the business retains the leadership needed to stay competitive. Proper planning can include phased ownership transfers, employment agreements for successors, and financial arrangements to support both the business and the departing owner’s future needs. This structured approach minimizes disruption and helps secure the business’s ongoing success.
Unexpected Incapacity or Death
Unexpected incapacity or death can leave a business vulnerable without prearranged plans. Succession documents clarify who will assume management responsibilities, how ownership interests are handled, and how the business will be funded in the short term. Having these provisions in place expedites decision-making during difficult times and reduces the likelihood of disputes among heirs or partners. Advance planning helps maintain operations, preserve customer confidence, and protect the enterprise while legal and financial issues are resolved.
Partner Disputes or Ownership Changes
Disagreements among owners or changing ownership interests often necessitate a formal succession strategy to avoid business disruption. A written agreement outlining buyout procedures, valuation methods, and dispute-resolution steps reduces uncertainty and encourages fair outcomes. Planning ahead can prevent conflicts from resulting in forced sales or litigation that damage the business’s reputation and value. Clear procedures also support smooth transitions when partners decide to exit or when new owners are introduced.
Local Legal Help for Business Succession in Woodbury
Jay Johnson Law Firm provides legal assistance to Woodbury business owners who need to plan ownership transitions, draft buy-sell agreements, or coordinate succession with estate planning. The firm works to understand each client’s goals and recommends practical documents and funding strategies that align with Tennessee law. Whether preparing for retirement, addressing family business issues, or establishing contingency plans for unexpected events, the firm offers clear guidance aimed at preserving business value and ensuring continuity for employees and customers in the community.
Why Choose Jay Johnson Law Firm for Succession Planning
Choosing a firm for succession planning means selecting an adviser who listens to business owners’ goals and creates a plan tailored to their circumstances. Jay Johnson Law Firm emphasizes clear communication, thorough document drafting, and coordination with financial professionals to ensure plans are practical and legally sound under Tennessee law. The firm focuses on building plans that fit the owner’s timeline and financial objectives while protecting the business’s operational continuity during transitions.
Clients receive assistance with a range of succession matters, including drafting buy-sell agreements, structuring transfers to minimize tax consequences, and arranging funding mechanisms to complete transfers. The firm works to align business succession documents with estate plans to reduce the potential for probate delays and disputes. Through careful planning and regular reviews, clients can maintain control over how their business will be transferred and ensure that the process reflects their intentions for employees and family members.
The firm’s goal is to provide practical solutions that protect the business’s value and support a smooth transition. From initial assessments to implementation of legal documents, the firm guides owners through decision points and helps coordinate necessary actions with accountants and financial planners. This collaborative, client-centered approach helps reduce uncertainty and gives business owners a clear roadmap for passing on ownership while preserving the ongoing operations that local customers rely on.
Schedule a Consultation to Start Your Succession Plan
Our Succession Planning Process
The succession planning process begins with an initial consultation to understand the business structure, ownership, and the owner’s goals. We then assess legal documents, discuss valuation options and funding needs, and identify potential successors. Based on that assessment, we draft agreements and coordinate with financial advisers to align tax and retirement planning. After implementation, we recommend periodic reviews to keep the plan current with changing business conditions and personal circumstances to ensure ongoing effectiveness for Woodbury businesses.
Step One: Assessment and Goals
The first step involves gathering information about the business entity, ownership interests, financial condition, and the owner’s objectives. We discuss preferred timelines, family considerations, and potential successors while identifying legal and tax issues that may affect transfer options. This assessment provides the foundation for a succession strategy tailored to the business’s needs, outlining necessary documents and possible funding solutions to support the planned transition.
Initial Consultation and Business Review
During the initial consultation, we review ownership agreements, financial statements, and existing estate planning documents. This review helps identify gaps that could impede a transfer and highlights immediate items to address, such as unclear ownership interests or lack of funding for a buyout. By understanding the business’s operations and goals, we can recommend practical next steps to protect the company and position it for a successful transition.
Setting Goals and Identifying Successors
We help owners articulate their desired outcomes, whether that means a family transfer, sale to partners, or external sale. Identifying potential successors and assessing their readiness informs the structure and timeline of the plan. This phase may include discussions about mentoring, governance changes, or financial arrangements needed to facilitate a phased transition while protecting day-to-day operations and business value.
Step Two: Drafting and Coordination
In this step we draft the legal documents necessary to implement the succession strategy, such as buy-sell agreements, transfer instruments, and amendments to governing documents. We coordinate with accountants and financial advisers to ensure the plan aligns with tax and retirement objectives. The goal is to produce clear, enforceable documents that reflect the owners’ intentions and provide practical mechanisms for funding and executing transfers when triggers occur.
Creating Transfer Documents and Funding Plans
Drafting transfer documents includes defining valuation methods, outlining payment terms, and specifying triggers that initiate transfers. Funding plans are designed to ensure liquidity when transfers occur and may involve insurance arrangements, escrow accounts, or installment payments. These provisions aim to avoid forced asset sales and ensure that transfers can complete under the agreed terms, protecting both sellers and buyers during the transition.
Coordination with Financial Professionals
Coordinating with accountants and financial planners helps integrate tax planning and retirement needs into the succession plan. This collaboration identifies opportunities to reduce tax burdens, arrange financing for buyouts, and align estate planning documents with ownership transfers. A coordinated plan provides a comprehensive route toward achieving the owner’s financial and legacy objectives while reducing the likelihood of unexpected liabilities at the time of transfer.
Step Three: Implementation and Ongoing Review
After documents are executed, implementation focuses on putting funding mechanisms and governance changes into effect and preparing successors to assume responsibilities. We also establish a schedule for periodic review to update valuation provisions, funding strategies, and legal documents as circumstances change. Regular reviews keep the plan aligned with business growth, tax law updates, and personal objectives, ensuring that the succession plan remains practical and effective over time.
Carrying Out Funding and Governance Changes
Implementation includes setting up any agreed funding mechanisms, transferring ownership interests according to the plan, and adjusting corporate records. Governance changes, such as board or management succession steps, are also executed to ensure leadership continuity. Documenting these actions and training successors reduces operational risk and supports a seamless change in leadership when the time comes.
Periodic Reviews and Updates
Periodic reviews are essential to reflect changes in business value, tax law, or personal objectives. These updates ensure valuation formulas remain relevant, funding provisions are adequate, and succession timelines continue to match the owner’s plans. Regular maintenance of the succession plan helps avoid outdated provisions and keeps the business prepared for transitions that preserve its operations and community role.
Frequently Asked Questions About Business Succession Planning
What is the first step in creating a business succession plan?
The first step is an honest assessment of the business structure, ownership interests, and the owner’s personal goals for transfer. During an initial consultation, we gather information about current agreements, financial condition, and potential successors to identify the primary legal and financial issues that must be addressed. This assessment helps determine whether a targeted buy-sell agreement or a more comprehensive plan is appropriate.Following that assessment, the next priorities are selecting suitable valuation methods, defining transfer triggers, and establishing funding strategies. Early planning reduces the risk of rushed decisions and allows time to implement phased ownership transfers or training for successors, which supports a smoother transition when the time comes.
How does a buy-sell agreement protect my business?
A buy-sell agreement sets clear rules about how an owner’s interest will be transferred in retirement, death, or other triggering events. It defines who may buy the interest, how the value will be determined, and payment terms, which prevents uncertainty and conflict among owners and heirs. This clarity can protect operations and relationships by creating predictable procedures for ownership changes.The agreement can also include funding mechanisms, such as escrow arrangements or structured payments, to ensure liquidity when a transfer occurs. By documenting valuation and funding expectations, owners reduce the likelihood of unfavorable forced sales and preserve business value for both sellers and continuing owners.
What valuation methods are commonly used for buy-sell agreements?
Common valuation methods include predetermined formulas tied to revenue or earnings, periodic fixed-price schedules, and independent appraisals performed at the time of transfer. A formula approach provides predictability but requires periodic updates to remain fair. Independent appraisals offer an objective market-based valuation but can be costlier and may delay transfers if disputes arise.Choosing the right method depends on the business’s nature and owners’ priorities. A clear valuation process in the succession plan reduces disagreements and provides a practical basis for completing buyouts or transfers when triggers occur, helping maintain continuity for employees and customers.
How can I fund a buyout when a partner retires?
Funding a buyout can involve several options, including installment payments, escrow arrangements, or insurance proceeds. Installment payments spread the financial burden over time, while escrow accounts hold funds until conditions are met. Life insurance is often used to provide liquidity upon death, allowing the remaining owners to purchase the deceased owner’s interest without disrupting operations.Selecting a funding method depends on the business’s cash flow, the owner’s financial objectives, and the intended timeline for transfer. Coordinating funding with accountants and financial planners helps ensure the chosen strategy is practical and sustainable for the business and the parties involved.
Should succession planning be coordinated with estate planning?
Yes. Coordinating succession planning with estate planning helps avoid conflicts between business transfer provisions and personal estate documents. Aligning these plans can prevent unintended consequences such as protracted probate or conflicting instructions that hinder the transfer of ownership interests. Integration supports a smoother transition and clearer outcomes for heirs and successors.Working with legal and financial professionals to align estate documents, trusts, and business agreements helps manage tax implications and liquidity needs. This coordination reduces administrative delays and protects both the owner’s personal goals and the ongoing operations of the business.
How often should a succession plan be reviewed?
A succession plan should be reviewed periodically and whenever major changes occur in the business or the owner’s personal circumstances. Events that warrant review include changes in ownership, significant shifts in revenue or profitability, changes in tax law, or family developments such as births, deaths, or divorces. Regular reviews ensure the plan remains aligned with current realities.Many owners schedule reviews every few years as a baseline and conduct additional reviews after significant business events. Keeping the plan up to date helps prevent outdated provisions from causing disputes or operational disruptions when a transfer is needed.
Can succession planning help prevent family disputes?
Succession planning can reduce the risk of family disputes by documenting clear procedures for transferring ownership and defining valuation and funding methods. When intentions are recorded and communicated, family members and heirs have a clearer understanding of what to expect, which helps lower tensions. A written plan creates predictable outcomes that family members can rely upon during transitions.Open communication and involving relevant family members or partners in the planning process also help manage expectations. Mediation provisions and dispute-resolution procedures within the plan can further reduce the likelihood that disagreements escalate into litigation or actions that harm the business.
What happens if a business owner becomes incapacitated without a plan?
If an owner becomes incapacitated without a plan, the business may face uncertainty about who will make decisions or how ownership will be managed. This can cause interruptions to operations, disagreements among owners or family members, and delays while courts or other authorities address decision-making authority. Lack of planning may also create financial strain if immediate liquidity is required to support a transfer.Having powers of attorney, governance provisions, and contingency transfer mechanisms in place helps ensure continuity of management and ownership. These documents allow designated individuals to act on behalf of the business and provide a smoother path for addressing incapacity without resorting to court intervention.
Are there tax considerations specific to Tennessee for succession planning?
While Tennessee does not impose unique rules that prevent succession planning, owners must consider federal and state tax implications when structuring transfers. Careful coordination with tax advisors can identify strategies to reduce tax burdens associated with ownership changes, including potential estate tax consequences and income tax considerations. Ensuring compliance with applicable state regulations for entity filings and transfers is also important.Owners should work with legal and financial counsel familiar with Tennessee law to structure transfers in ways that align with both business goals and tax planning objectives. Proactive tax planning as part of the succession process can preserve value and minimize unexpected liabilities.
How long does it typically take to put a comprehensive succession plan in place?
The timeline for creating a comprehensive succession plan varies based on business complexity, the need for valuation, and coordination with financial advisers. A straightforward buy-sell agreement might be drafted in a few weeks, while a comprehensive plan that integrates tax planning, trusts, and funding mechanisms can take several months to develop and implement. The process includes assessment, drafting, coordination, and execution phases.Allowing adequate time for discussion, valuation, and coordination with accountants or financial planners yields a more robust outcome. Starting early and reviewing the plan periodically ensures that the timing of implementation meets the owner’s goals and reduces pressure to make rapid decisions under stressful conditions.