Business Succession Planning

Presque Isle County Business Succession Planning Lawyer

Whether you’re planning for retirement, an ownership transition, or an unexpected event, business succession planning is about protecting what you’ve built. Carig Law works with business owners in the Presque Isle County area to create thoughtful transition plans that align with your goals, relationships, and long-term vision. Our lawyer’s guidance is highly customized and grounded in real-world insight, recognizing that no two businesses, or exits, are ever the same.

Call (989) 623-7592 or contact us online today.

The Buy-Sell Agreement: The 5 Ds

One of the most critical tools in business succession planning is a properly structured buy-sell agreement. This document establishes the legal trigger for what happens to an owner’s interest when certain events occur, often referred to as the “5 Ds”.

These are:

Death
Disability
Divorce
Departure
Disqualification

Without clear rules in place, remaining owners may find themselves in business with a spouse, former partner, or even a creditor. In Michigan, a buy-sell agreement is your primary tool to restrict share transfers under MCL 450.1472, keeping ownership within your trusted circle.

A well-drafted buy-sell agreement defines when a buyout occurs, who is entitled to purchase the interest, and how the value is determined.

Just as important, it addresses how that buyout will be funded, often through insurance or other financial mechanisms designed to avoid draining your company’s working capital.

This planning protects both your business and the people involved, providing a way to reduce conflict when emotions and stakes are already high.

With over 20 years of experience advising business owners, our lawyer helps clients carefully consider these triggers, crafting an agreement that reflects real ownership dynamics rather than generic assumptions. The goal is to create clarity before it’s needed, so transitions happen smoothly instead of under pressure.

The Emergency Succession Plan

While buy-sell agreements address ownership changes, a more immediate risk must also be considered:

What happens in the first 48 hours if the owner is suddenly incapacitated?

Without an emergency succession plan, businesses can grind to a halt, payroll can go unpaid, contracts can sit unsigned, and employees can be left without direction.

An emergency succession plan focuses on operational continuity. This often includes Durable Powers of Attorney, written in compliance with the 2024 Michigan Uniform Power of Attorney Act. It may also involve interim management directives and internal authorizations that allow trusted individuals to step in temporarily.

The objective isn’t to permanently transfer ownership, but to allow the business to function while longer-term decisions are made.

We work to make these arrangements straightforward and practical. Complex legal issues are broken down into clear steps, so you understand who has authority, what decisions they can make, and how long that authority lasts. This clarity can be the difference between a business that weathers a crisis and one that suffers unnecessary disruption.

With deep roots in Northeast Michigan and actively involved in our local communities, our lawyer understands how closely held businesses here often operate. That local insight informs how we structure emergency plans, considering trusted relationships, realistic availability, and the day-to-day realities of running a business in the region.

A strong succession plan doesn’t rely on a single document. It’s a coordinated framework that protects ownership, operations, and the people who rely on your business to keep moving forward, even when the unexpected happens.

Protecting What You’ve Built

A strong succession plan protects more than ownership. It preserves continuity, relationships, and the future of your business. We help you carefully think through transitions, addressing both expected changes and unforeseen events with steady, informed guidance.

We are located right off US-23, just minutes from the Presque Isle County Courthouse, and we work with clients throughout Northeast Michigan. Our process can be done fully remote, making succession planning more accessible and less disruptive. Carig Law is here to help you thoughtfully plan for what comes next.

Call our office at (989) 623-7592 to schedule an appointment.

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