What are the key components of an effective business succession plan?

A successful business succession includes several key components: identifying potential successors, establishing a timeline for the transition, outlining the transfer of management and ownership, and implementing training for successors. Additionally, it should address financial considerations such as valuation, funding buy-sell agreements, and tax implications. Legal documents, including wills, trusts, and power of attorney, should be aligned with Virginia statutes for enforceability and legal protection.