He said,"The travails of the Roy family and Waystar Royco highlight the importance of succession planning as a critical part of good corporate governance.” ... [+]“A lack of a clear succession plan can lead to corporate instability that cause[s] serious harm to shareholder value and corporate operations.
“This ensures your family reaps the business’s benefits and allows the trustee to be an intermediary between the business needs and the trust beneficiaries.” “Operation of the business is typically addressed through the business records. This allows you to designate a successor to manage the business operations and ensure continuity. You may also address a transition period to ensure the successor is adequately prepared to take over control of the business.