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Stark & Stark Shareholder Discusses The Need For Business Succession Plans

By Stark & Stark

Allen M. Silk, Shareholder in Stark & Stark's Business & Corporate and Business Succession Planning Groups, was quoted in the January 3, 2011 NJ Biz article, Prepared for the inevitable. The article discusses Larry Rothwell, Owner of Pennington Quality Market, and his decision to implement a business succession plan. Rothwell began planning for his retirement in the early 1990's and implemented a succession plan in order to transition his company to his children after his retirement.

Mr. Silk advises clients to begin the process of succession planning early in order to avoid potential hazards in the future after a traumatic even has occurred. He states, 'Generally, people tend to be more reactive than proactive, and I think that's probably a characteristic that most people have — not just business owners.'

You can read the full article online here. (PDF)
 

Full post as published by New Jersey Law Blog on January 05, 2011 (boomark / email).