Kajko, Weisman & Colasanti, LLP

Mental capacity can affect business succession planning

It is impossible to know what life is going to throw at you. You can be sailing along just fine, running your business and living large, and then the next minute, your world can be turned upside down with a devastating medical diagnosis. If you were recently diagnosed with a disorder that is going to affect your mental capacity now or in the near future, the next steps you take as a business owner could make or break your company. You see, mental capacity can affect business succession planning.

If you wait too long, any succession planning you do may be deemed legally invalid. For any legal document to hold up, you have to be of sound mind when you create it. So, if you do not have a succession plan in place or you want to make changes to one that you already have, don't wait, get it done.

There are a lot of benefits to having a succession plan in place. It can allow your company to keep going and growing when you are no longer able to remain in control. If you want a say in who will be put in charge, a succession plan is what you need. If you want to ensure you are paid a good price for your shares, a succession plan can help you accomplish that. If you want to ensure a smooth transition as you make way for new leadership, a succession plan can lay out the details for how you expect it to work -- among other things.

A business succession plan is not something business owners in Massachusetts can just throw together on a whim. It takes time and careful consideration to ensure it meets your needs and serves the best interests of your company and employees. To learn how an experienced attorney can assist you with your succession plan, particularly before mental capacity issues come into play, please take a moment and visit our firm's website.

No Comments

Leave a comment
Comment Information
Email Us For a Response

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Lexington Office
430 Bedford Street, Suite 390
Lexington, MA 02420

Phone: 978-296-5107
Fax: 781-861-1833
Lexington Law Office Map

Nashua Office
98 Spit Brook Road
Suite 1105
Nashua, NH 03062

Phone: 781-325-1786
Fax: 603-324-5101
Map & Directions

Andover Office
68 Main Street, Suite 4
Andover, MA 01810

Phone: 781-325-1786
Map & Directions