The Wisconsin State Bar Board of Governors approved a succession planning registry after death or disability.
This registry is a positive move in terms of helping small firm’s plan out a clean succession in the event of unexpected circumstances, but you don’t need to have an official registry in place to protect your clients. Just as you distribute your assets and name heirs in a will, you should do the same for your firm and have a written plan in advance. This will ensure that if something does happen, your heirs do not have to do a fire sale of the business since there is already a process in place for the business to be taken over. and the heirs will get the maximum value for the business.