Comprehensive Guide to Business Succession Planning
Business succession planning helps owners in Newbern preserve value, maintain operations, and protect livelihoods when leadership or ownership changes. At Jay Johnson Law Firm we work with businesses to identify goals, map out transfer options, and create the legal documents that support a smooth transition. Whether you run a small family firm or a closely held company in Dyer County, a succession plan clarifies decision making, reduces uncertainty for employees and stakeholders, and provides a legal framework to carry the business forward according to your intentions and priorities.
A well-constructed succession plan balances business continuity with personal and tax considerations while setting expectations for owners, managers, and heirs. We help clients evaluate buy-sell arrangements, ownership transfers, governance adjustments, and contingency plans for incapacity or unexpected events. The process typically includes gathering financial and ownership information, reviewing existing agreements, drafting tailored documents, and coordinating with accountants and financial advisors. Our goal is to produce a practical roadmap that reduces disputes, supports future growth, and preserves the business legacy you want to leave.
Why Business Succession Planning Matters for Your Company
Succession planning protects your company from disruption by setting clear rules for ownership transfer, leadership changes, and decision authority. It minimizes the risk of conflict among owners or family members and helps preserve business value through predictable processes. Effective planning can also improve employee retention and lender confidence by demonstrating continuity. In addition to operational stability, a plan can address financial and tax impacts, align transition timing with market conditions, and enable structured buyouts that support retiring owners and future operators of the business.
About Jay Johnson Law Firm and Our Approach to Succession Planning
Jay Johnson Law Firm serves business owners in Newbern and throughout Tennessee with practical legal counsel focused on estate planning and probate matters that intersect with business transitions. Our approach emphasizes clear communication, careful documentation, and coordination with your financial advisors to ensure solutions align with your goals. We guide clients through valuation questions, drafting buy-sell agreements, structuring transfers, and preparing contingency plans. Call 731-206-9700 to discuss how a thoughtfully prepared succession plan can protect your interests and help secure the future of the business you built.
Understanding Business Succession Planning and Its Scope
Business succession planning covers the legal structures and documents needed to transfer ownership or control when an owner retires, becomes incapacitated, or departs for other reasons. It can include entities such as LLCs or corporations, buy-sell provisions between owners, transfer mechanisms to family or managers, and continuity arrangements for day-to-day operations. The planning process begins with identifying stakeholders, values, and timing, then designing legal tools that reflect those priorities while minimizing disruption, tax exposure, and the potential for disputes among owners or heirs.
While some companies require only modest adjustments to existing documents, others need comprehensive restructuring to address multiple owners, outside investors, or significant assets. Effective plans consider governance, voting rights, capital accounts, and mechanisms for valuing the business at transfer. They also address nonlegal elements such as training successors and documenting business knowledge. Proper coordination with accountants and financial planners helps ensure the legal structure supports the business objectives and personal goals of the owners, making transitions predictable and manageable.
Definition and Core Concepts of Succession Planning
Succession planning is the process of preparing for a change in ownership or leadership so the business continues to operate according to established priorities. Core concepts include identifying successors, creating buyout terms, setting valuation methods, and establishing decision-making authority during and after transitions. Plans may include wills, trusts, operating agreements, corporate bylaws, and buy-sell contracts that define who may purchase interests and under what conditions. Properly implemented, these measures reduce uncertainty and provide a clear path for continuity when planned or unplanned events occur.
Key Elements and the Succession Planning Process
Important elements of a succession plan include ownership agreements, valuation provisions, transfer restrictions, contingency measures for incapacity, and tax planning strategies. The process generally starts with fact-finding and goal setting, followed by drafting and negotiating documents, implementing transfers or funding mechanisms, and establishing review schedules. Communication among owners and with family members is essential to align expectations. A coordinated approach involving legal and financial planning ensures the selected instruments operate together to meet the business and personal objectives of the owners.
Key Terms and Glossary for Business Succession Planning
This glossary explains common terms used in succession planning so owners can make informed decisions. Understanding terminology such as buy-sell agreement, valuation method, continuity plan, transfer restrictions, and fiduciary duties helps clarify options and potential impacts. Familiarity with these concepts reduces confusion during negotiations and document drafting. When you know the meaning of each term, you can better evaluate strategies that address ownership transitions, tax consequences, and governance changes, and discuss those strategies intelligently with your legal and financial advisors.
Buy-Sell Agreement
A buy-sell agreement is a contract among business owners that sets the terms for transferring ownership interests upon certain triggering events, such as retirement, death, incapacity, or sale. It defines who may buy an interest, how the interest will be valued, the payment terms, and any restrictions on transfers. The agreement helps prevent unwanted third-party ownership, creates an orderly buyout process, and provides liquidity planning for departing owners. Properly structured buy-sell provisions reduce conflict and ensure continuity by establishing predictable procedures for transitions.
Valuation Method
Valuation methods determine the price for an ownership interest when a transfer occurs and can include formulas tied to earnings, fixed valuations, independent appraisals, or a combination of approaches. The chosen method affects buyout terms and the financial expectations of owners and heirs. Clear valuation provisions help avoid disputes by defining timing, data sources, and acceptable valuation professionals. Consistent, agreed-upon valuation rules provide transparency and support smoother transactions when ownership changes happen, especially in closely held businesses.
Succession Plan
A succession plan is a broader roadmap that addresses who will run the business, how ownership will transfer, and what transitional steps are needed to sustain operations. It includes legal documents, training for successors, communication strategies, and contingency measures for unforeseen events. While legal agreements provide structure for transfers, the succession plan coordinates human resources, governance, and financial arrangements to make the transfer effective in real-world terms. A practical succession plan anticipates likely scenarios and provides measures to preserve value and continuity.
Continuity Planning
Continuity planning focuses on preserving daily operations and decision making during ownership or leadership changes. It may include temporary management arrangements, delegation of authority, access to financial accounts, and documentation of key processes. Continuity measures protect revenue, customer relationships, and employee morale by minimizing operational gaps during a transition. These steps work together with ownership transfer documents to ensure the business remains functional while longer-term legal or financial transfers are completed.
Comparing Limited and Comprehensive Succession Planning Options
Owners can choose a limited approach that addresses one or two issues or pursue a comprehensive plan that covers ownership, governance, tax consequences, and contingency measures. Limited plans tend to be simpler and less costly initially but may leave gaps that create disputes or tax inefficiencies later. Comprehensive plans require more upfront work and coordination with accountants, but they aim to reduce long-term risk and provide a detailed roadmap for transitions. The right choice depends on business complexity, owner relationships, and long-term goals.
When a Limited Succession Approach May Be Appropriate:
Small Ownership Changes or Simple Structures
A limited approach can work for businesses with a single dominant owner or very few stakeholders where transfers are straightforward and family dynamics are simple. If the owners have clear expectations, minimal outside investors, and low risk of dispute, targeted documents such as a basic buy-sell agreement and an updated operating agreement may suffice. This approach reduces immediate drafting costs and addresses the most likely scenarios while leaving room to expand the plan later if circumstances become more complex or ownership evolves.
Clear Family Agreements and Predictable Outcomes
When family members or co-owners are aligned about succession, and there is a predictable successor with financial capacity to assume ownership, a limited plan focused on documentation and transfer mechanics can be adequate. In these cases, emphasis may be placed on confirming the successor’s role, setting basic transfer terms, and ensuring necessary legal authority is in place. Even with a limited approach, it is important to review tax implications and provide contingency measures in case circumstances change unexpectedly.
Why a Comprehensive Succession Plan May Be Advisable:
Complex Ownership or Multiple Stakeholders
Comprehensive planning is recommended when multiple owners, outside investors, or complicated ownership structures are involved, because the risk of disputes and unintended consequences increases. Detailed agreements covering governance, buyout funding, valuation, and dispute resolution help protect the business and all parties’ interests. A thorough plan coordinates legal, tax, and financial strategies to manage transfer timing, liquidity needs, and succession of key management, reducing the chance of interruption or loss of value during a transition.
Tax, Financial, or Regulatory Complexity
When transfers could trigger significant tax liabilities, involve regulatory approvals, or require detailed financial restructuring, a comprehensive plan ensures those issues are addressed proactively. Planning might include funding buyouts through life insurance, structuring transfers to reduce taxable events, or coordinating with lenders to satisfy loan covenants. Addressing these matters early reduces surprises and creates a smoother path to transition that preserves value and minimizes administrative obstacles for successors and remaining owners.
Benefits of Taking a Comprehensive Approach to Succession
A comprehensive succession plan offers greater certainty by aligning legal documents, financial arrangements, and governance processes. It addresses foreseeable risks such as disputes, valuation disagreements, and tax consequences while ensuring leadership continuity. A full plan helps protect relationships among owners and family members by outlining expectations and dispute resolution mechanisms. This level of planning can increase buyer, lender, and employee confidence by demonstrating that the business has a reliable framework for enduring changes in ownership or management.
Comprehensive plans also provide flexibility to handle different transition paths, whether transferring to family, selling to partners, or selling to third parties. By coordinating contracts, funding mechanisms, and governance rules, these plans reduce the administrative burden during a transfer and support long-term strategic goals. Regular review provisions included in comprehensive planning make it easier to keep the arrangements current as laws, market conditions, and family circumstances evolve over time.
Continuity, Stability, and Clear Authority
One of the primary benefits of a comprehensive plan is establishing clear authority and continuity so operations continue smoothly during a transition. Well-drafted documents specify interim management, voting rights, and decision-making authority, preventing gaps that could harm revenue or relationships. This clarity helps maintain customer and employee confidence and provides a stable environment for the incoming leadership. By anticipating operational needs, the plan supports an orderly handoff of responsibilities and preserves business momentum throughout the change.
Financial Protection and Reduced Disputes
Comprehensive planning helps protect financial interests through defined valuation methods, funding mechanisms for buyouts, and tax-aware transfer structures. These measures reduce the chance of disagreements over price or payment terms and can provide liquidity solutions for departing owners. Clear procedures and dispute resolution clauses further diminish the likelihood of prolonged litigation. Together, these protections preserve the financial integrity of the business and make transitions less disruptive to operations and relationships among owners and stakeholders.
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Practical Tips for Planning Your Business Succession
Start Early and Communicate Regularly
Begin succession planning well before you intend to transition ownership so there is ample time to evaluate options and implement them thoughtfully. Early planning allows you to train successors, set up appropriate legal structures, and coordinate tax and funding strategies with financial advisors. Communication is equally important: discussing goals and expectations with co-owners, family members, and key managers helps prevent misunderstandings and fosters alignment. Regular check-ins make it easier to adapt the plan as circumstances and relationships evolve.
Document Ownership and Decision-Making Processes
Coordinate Legal Planning with Financial and Tax Advisors
Coordinating legal steps with accountants and financial planners ensures that ownership transfers and buyout arrangements align with tax strategies and funding capabilities. This collaboration can identify opportunities to reduce tax exposure, fund buyouts through insurance or other means, and structure payments in ways that work for both departing and continuing owners. Integrating legal and financial planning produces a more durable plan that considers immediate legal needs alongside long-term financial outcomes for the business and its stakeholders.
Why Newbern Business Owners Should Consider Succession Planning
Business owners should consider succession planning to preserve the value of what they have built and to provide a predictable path for the company’s future. Planning helps avoid disputes, provides financial solutions for departing owners, and protects employees and customers from operational shocks. It also enables owners to make tax-aware decisions and choose whether to pass the business to family, sell to partners, or prepare for an outside sale. Proactive planning reduces stress and increases the likelihood the owner’s wishes will be followed.
In addition to protecting business value, succession planning provides clarity for lenders and potential buyers and can improve the overall marketability of the company. Lenders and investors often prefer businesses with documented continuity plans. A clear legal framework also speeds transitions, reduces the need for court involvement, and helps ensure that contracts, licenses, and other obligations remain in force through the change. That predictability benefits owners, employees, and the broader community dependent on the business.
Common Triggers for Business Succession Planning
Several circumstances commonly trigger the need for succession planning, including impending retirement, health issues that affect an owner’s capacity, new investors, family dynamics, and the desire to sell. Sudden events such as unexpected death or disability also reveal the need for contingency measures to avoid business disruption. Growth that brings outside partners or increased complexity is another prompt to create or update a plan. Recognizing these triggers early allows owners to prepare and implement smoother transitions.
Retirement or Reduced Involvement
When an owner plans to retire or decrease daily involvement, succession planning helps arrange a timely transfer of responsibility and ownership. Planning can include phased transitions, mentorship of successors, and financial arrangements to provide income or liquidity for the departing owner. Establishing a clear timeline, documenting operational knowledge, and formalizing agreements reduce uncertainty for staff and clients. Advance planning enables a controlled handoff that safeguards the company’s reputation and performance during the change.
Unexpected Incapacity or Death
Unexpected incapacity or death can leave a business vulnerable without prior arrangements. Succession plans include contingency measures such as power of attorney, emergency management protocols, and buy-sell triggers that activate when an owner can no longer participate. These provisions allow the company to continue operating while ownership and leadership matters are resolved. Having these protections in place helps avoid operational interruptions, reduces family and partner conflict, and provides a clearer path forward during difficult circumstances.
Business Growth, Sale, or Merger
As a business grows or considers a sale or merger, succession planning ensures the company is positioned to transfer smoothly to new ownership or management. Preparing clear governance and transfer documents and aligning financial statements and valuation methods helps attract buyers and satisfies due diligence. Proper planning also protects existing stakeholders by defining rights, timelines, and financial terms for any transaction. Addressing these items early enhances negotiating leverage and helps secure the most favorable outcome for owners.
Newbern Business Succession Attorney at Jay Johnson Law Firm
We help Newbern business owners create thoughtful succession plans that reflect their goals and preserve business value through transitions. Our services include assessing ownership structures, drafting buy-sell agreements, coordinating with financial advisors, and preparing contingency measures for incapacity or unexpected events. Clients receive practical guidance tailored to local needs and the regulatory environment in Tennessee. If you are considering retirement, sale, or a leadership change, we can outline options and next steps so you can move forward with confidence.
Why Choose Jay Johnson Law Firm for Your Succession Planning
Jay Johnson Law Firm provides clear, client-focused guidance for succession planning in Newbern and surrounding communities. We emphasize open communication, careful document drafting, and coordination with accountants and advisors so plans are workable in practice as well as legally sound. Our approach aims to protect the business’s operational integrity and the financial interests of owners and heirs, while addressing the unique family or partner dynamics that often arise during ownership transitions.
We provide practical solutions to common succession issues such as buyout funding, valuation disputes, and continuity of leadership. Our services include drafting and reviewing operating agreements, buy-sell provisions, trusts and related estate planning documents, and contingency measures for incapacity. We also help implement funding strategies for buyouts and coordinate with financial professionals so transitions are supported both legally and financially, reducing surprises during change.
Clients appreciate a clear process that sets expectations, timelines, and responsibilities for all parties involved. We focus on building plans that are understandable, enforceable, and reviewable as circumstances evolve. Whether the goal is a family transfer, partner buyout, or preparing for a sale, our role is to provide the legal framework and actionable steps that make those plans achievable while protecting the business you have worked to build.
Ready to Plan Your Business’s Future in Newbern?
How Business Succession Planning Works at Jay Johnson Law Firm
Our planning process begins with an initial consultation to understand ownership, business operations, and the goals of owners. We gather financial and corporate documents, identify potential successors, and assess tax and funding needs. From there we develop a tailored plan that may include buy-sell agreements, governance updates, trusts, and contingency measures. After drafting and reviewing documents with owners, we coordinate implementation steps and provide guidance for future reviews to keep the plan aligned with changing circumstances.
Step 1: Information Gathering and Goal Setting
During the first step we assemble ownership records, financial statements, and existing agreements to form a clear picture of the business. We meet with owners to define personal and business objectives for the transition, such as timing, intended successors, and financial expectations. This discovery phase allows us to identify gaps in current documents and key risks. Clarifying these details early ensures the plan addresses the most important issues and aligns legal solutions with owners’ priorities.
Identify Owners, Assets, and Priorities
We document who owns the business, the nature of each ownership interest, and the assets to be transferred or preserved. Understanding capital accounts, voting rights, contracts, and key client relationships helps determine what the succession plan must protect. We also discuss each owner’s priorities, whether financial security, business continuity, or family considerations, so the legal strategy reflects those goals. This clarity sets the stage for drafting effective transfer mechanisms and governance changes.
Assess Legal and Financial Risks
Next we evaluate potential legal and financial risks such as valuation disputes, creditor concerns, and tax implications. This assessment helps prioritize planning steps and identifies whether funding mechanisms like insurance or escrow arrangements are needed. By anticipating obstacles, we can design provisions in buy-sell agreements and other documents to mitigate those risks. Coordinating with financial professionals at this stage ensures recommended structures are practical and financially viable for all parties.
Step 2: Drafting and Structuring the Plan
In this phase we draft the legal documents that implement the agreed strategy, which may include buy-sell agreements, updated operating agreements, trusts for ownership interests, and contingency powers of attorney. The focus is on clarity and enforceability, specifying valuation methods, payment terms, and dispute resolution procedures. We review drafts with owners and adjust language to reflect negotiated terms. Ensuring documents work together prevents conflicts and creates a coordinated structure for the transfer.
Prepare Business Agreements and Documents
Drafting includes clearly defining triggering events, valuation procedures, transfer restrictions, and funding arrangements for buyouts. Documents also establish interim governance and responsibilities during transitions. Proper drafting anticipates common issues and provides mechanisms to resolve disputes without litigation. We tailor agreements to the business’s entity type and ownership structure so the legal instruments operate effectively in Tennessee and align with financial planning goals.
Coordinate with Advisors and Implement
Implementation requires coordination with accountants, financial planners, and insurance brokers to secure funding and ensure tax-sensitive structures are in place. We assist with executing documents, updating corporate records, and taking any steps needed to make the plan operational. Communication with stakeholders helps gain buy-in and ensures everyone understands the procedures. Proper implementation turns the planning work into practical readiness for a future transition.
Step 3: Review, Maintenance, and Transition Support
A succession plan is not a one-time document; it requires periodic review to remain effective. We recommend scheduled reviews to address changes in ownership, business value, tax law, or family circumstances. During an actual transition we provide guidance on executing buyouts, transferring ownership interests, and addressing any legal or operational issues that arise. Post-transition support helps ensure the new leadership has the authority and documentation needed to operate the business successfully.
Regular Reviews and Updates
Regular updates help keep the plan aligned with current financial realities and owner intentions. Life events such as births, deaths, marriages, or changes in the business model can affect how the plan should operate. We recommend reviewing documents at least periodically or when material changes occur to confirm valuation clauses, funding mechanisms, and governance rules still meet the owners’ objectives and reflect current law and market practice.
Assistance During Transfer or Close
During an actual transfer, we assist with document execution, resolving last-minute issues, and coordinating with lenders or buyers to complete transactions smoothly. Our role includes verifying contractual conditions, handling filings, and addressing any transfer-related disputes that may emerge. Having legal support available during the closing period helps prevent delays and ensures the legal formalities required for ownership changes are properly handled so the business can continue operating without interruption.
Frequently Asked Questions about Business Succession Planning
What is business succession planning?
Business succession planning is the process of preparing legal, financial, and operational arrangements to transfer ownership or management when an owner leaves, retires, or becomes unable to participate. It includes identifying successors, documenting transfer mechanics, and setting governance rules to maintain operations. The plan typically uses instruments such as buy-sell agreements, updated operating agreements, and sometimes trusts to manage ownership interests. An effective plan clarifies roles and expectations and reduces uncertainty during transitions so the business can continue serving customers and employees without interruption.Succession planning also considers funding mechanisms for buyouts, valuation methods, and contingency measures for unexpected events. Coordinating with financial advisors ensures that tax and liquidity implications are addressed. By providing a clear roadmap and legal framework, the plan helps owners achieve their personal and business goals while protecting the company’s value for future stakeholders.
How much does succession planning cost?
The cost of succession planning varies with the complexity of the business, the number of owners, and the depth of legal and tax coordination required. For a simple plan addressing a single owner or a small partnership, costs are typically lower because fewer documents and less coordination are needed. More intricate situations involving multiple owners, outside investors, or significant tax considerations usually require additional drafting, valuation work, and collaboration with accountants, which increases the overall cost.Investing in proper planning early often reduces long-term costs by preventing disputes or costly restructuring later. Many owners find the expense worthwhile because a solid plan preserves business value, avoids courtroom battles, and facilitates smoother transitions that would otherwise be disruptive and more expensive to resolve without prior preparation.
When should I start planning for succession?
You should start succession planning as early as possible, ideally years before you expect to transfer the business, to allow adequate time for training successors and setting up funding mechanisms. Early planning enables phased transitions and gives owners the opportunity to implement tax-aware strategies and to coordinate with financial advisors. Beginning early also allows time to document processes, groom leadership, and address potential family or partner conflicts before they become urgent.However, it is never too late to begin planning. Even if a transition is imminent, targeted documents and contingency measures can reduce disruption and provide an orderly path forward. Prompt action in such cases can still protect the company and minimize uncertainty for employees and stakeholders.
Can I transfer my business to family members?
Yes, transferring a business to family members is a common succession outcome, but it requires careful planning to address valuation, payment terms, and governance changes. Family transfers often involve balancing business interests with family dynamics, which makes clear documentation essential. Agreements should specify ownership percentages, management roles, and how decisions will be made to prevent ambiguity and future disagreements.It is also important to consider tax consequences and funding. Structuring the transfer to address gift or estate taxes, payment schedules, and buyout options helps preserve business viability while meeting family objectives. Coordination with financial advisors ensures the transfer is practical and sustainable for both the business and the family members involved.
What is a buy-sell agreement?
A buy-sell agreement is a contract among owners that governs how an ownership interest is transferred when certain triggers occur, such as death, incapacity, retirement, or voluntary sale. The agreement typically sets who may buy the interest, how the interest will be valued, and the payment terms. This helps prevent unwanted third-party ownership and provides a clear mechanism for liquidity when an owner departs.Buy-sell agreements can be funded in various ways, including life insurance, installment payments, or cash reserves, depending on the owners’ needs. Choosing the appropriate valuation formula and funding method is essential to avoid disputes and ensure a workable solution if a transfer is triggered.
How do taxes affect succession planning?
Taxes can significantly affect the design and timing of a succession plan because ownership transfers may create taxable events for the owners or the business. Proper planning considers gift, estate, and income tax implications and seeks strategies that minimize unnecessary tax burdens. Techniques may include lifetime gifting, buyout funding arrangements, or structuring transfers in ways that defer or spread tax liabilities to reduce immediate financial strain on successors.Collaborating with accountants and tax advisors during the planning phase ensures legal documents align with tax strategies and funding plans. This coordination helps owners evaluate trade-offs between minimizing taxes and achieving their succession goals in a way that preserves business value and owner interests.
What if partners disagree on a succession plan?
Disagreements among partners are common but manageable when the succession plan includes clear dispute resolution mechanisms. Provisions such as mandatory negotiation periods, mediation, binding appraisal procedures, or arbitration clauses help resolve conflicts without resorting to lengthy litigation. These contractual steps create a predictable process that guides owners through disagreements while protecting business operations.Early and candid communication among partners reduces the likelihood of severe disputes. Having well-drafted agreements with foreseeable resolution paths and defined valuation methods helps keep differences from escalating and preserves relationships and business continuity.
Do I need a trust for business succession?
A trust can be useful for business succession when owners want to control how interests are held and transferred, provide for beneficiaries, or manage tax and estate planning objectives. Trusts can hold ownership interests, provide instructions for distribution, and coordinate with estate plans to reduce probate issues. They are one tool among several and are particularly useful when integrating personal estate planning with business transfers.Whether a trust is appropriate depends on the owner’s goals, family situation, and tax circumstances. We typically evaluate whether a trust will provide the intended control, protection, or tax advantages and coordinate recommendations with estate and tax advisors to ensure the structure fits the larger plan for the owner and the business.
How often should a succession plan be updated?
A succession plan should be reviewed regularly and updated whenever there are significant changes in ownership, business structure, family circumstances, or tax law. Many owners review plans every few years or after major life events like births, deaths, marriages, or changes in financial position. Regular reviews ensure valuation clauses remain appropriate, funding mechanisms are still viable, and the plan reflects current goals and realities.Failing to update the plan can lead to outdated provisions that complicate transitions or produce unintended tax or governance outcomes. Scheduling periodic checkups and making adjustments as conditions change keeps the plan reliable and ready when needed.
Can succession planning prevent business disputes?
Succession planning cannot eliminate all disputes, but well-drafted plans significantly reduce the likelihood and severity of conflicts by clarifying expectations and providing established procedures for transfers. Clear buy-sell terms, valuation rules, and dispute resolution clauses make outcomes more predictable and provide a framework for resolving disagreements without protracted litigation. This predictability preserves relationships and business continuity during transitions.Preventive measures such as early communication, documentation of roles, and agreed valuation methods further lower the risk of disputes. By creating a transparent roadmap and workable mechanisms for resolving differences, succession planning helps owners avoid many common causes of conflict.