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COVID-19 Highlights Importance of Succession Plans

COVID-19 Highlights Importance of Succession Plans

Author: Paul A. LiebermanDate: May 26, 2020

Many financial institutions, broker-dealers and registered investment advisers follow industry best practices and regulatory guidance to include succession planning and a written succession plan as an integral component of the entity’s Business Continuity Plan (“BCP”) or Disaster Recovery Plan (“DRP”).  Past natural disasters and unexpected emergencies have savagely elevated the consequences of such events to federal, state and local governments, and both non-profit and for-profit businesses, charitable organizations, as well as closely-held family enterprises, law and accounting firms.

Succession plans have been considered a critical aspect of effective corporate governance. However, many firms and companies, particularly small businesses, don’t have a well-defined, written action plan to follow when planned and unplanned changes in leadership occur.

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