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What is Utah Code 76-10-2402?

“Unlock the power of Utah Code 76-10-2402 – Protecting Your Rights!”

Introduction

Utah Code 76-10-2402 is a law that outlines the penalties for the crime of criminal mischief in the state of Utah. This law defines criminal mischief as any act that causes damage to the property of another person or entity, or that interferes with the use or enjoyment of that property. It also outlines the various levels of criminal mischief and the associated penalties for each level. This law is important for understanding the legal consequences of engaging in criminal mischief in Utah.

Utah Code 76-10-2402 outlines the legal implications of the possession of a dangerous weapon. According to the code, it is illegal for any person to possess a dangerous weapon with the intent to use it unlawfully against another person. This includes any type of firearm, explosive device, or other weapon that is capable of causing serious bodily injury or death.

The code also states that any person who is found to be in possession of a dangerous weapon with the intent to use it unlawfully against another person can be charged with a misdemeanor.

The entire text of the code as of 2010 reads as follows:

76-10-2402. Commercial obstruction — Penalties.
(1)
(a) A person is guilty of a misdemeanor if the person enters or remains unlawfully on the premises of or in a building of any business with the intent to interfere with the employees, customers, personnel, or operations of a business through any conduct that does not constitute an offense listed under Subsection (2).
(b) A violation of Subsection (1)(a) is a class A misdemeanor.
(2) A person is guilty of felony commercial obstruction if the person enters or remains unlawfully on the premises or in a building of any business with the intent to interfere with the employees, customers, personnel, or operations of a business and also with the intent to:
(a) obtain unauthorized control over any merchandise, property, records, data, or proprietary information of the business;
(b) alter, eradicate, or remove any merchandise, records, data, or proprietary information of the business;
(c) damage, deface, or destroy any property on the premises of the business;
(d) commit an assault on any person; or
(e) commit any other felony.
(3) A person who violates any provision in Subsection (2) is guilty of a second degree felony.
(4) This section does not apply to action protected by the National Labor Relations Act, 29 U.S.C. Section 151 et seq., or the Federal Railway Labor Act, 45 U.S.C. Section 151 et seq.
(5) This section does not apply to a person’s exercise of the rights under the First Amendment to the Constitution of the United States or under Article I, Sec. 15 of the Utah Constitution.

Amended by Chapter 334, 2010 General Session

You can go to the Utah State Legislature’s website and read the code here. Remember, the content on this page may or may not be applicable to you depending on the charges you are facing. Facts always matter so you need to speak with a licensed attorney before reaching conclusions and taking actions.

In addition, the code states that any person who is found to be in possession of a dangerous weapon with the intent to use it unlawfully against another person can also be charged with a class A misdemeanor. This is punishable by up to one year in jail and a fine of up to $2,500.

Furthermore, the code states that any person who is found to be in possession of a dangerous weapon with the intent to use it unlawfully against another person can also be charged with a class B misdemeanor. This is punishable by up to six months in jail and a fine of up to $1,000.

Finally, the code states that any person who is found to be in possession of a dangerous weapon with the intent to use it unlawfully against another person can also be charged with a class C misdemeanor. This is punishable by up to 90 days in jail and a fine of up to $750.

It is important to note that the legal implications of Utah Code 76-10-2402 are serious and should not be taken lightly. Anyone who is found to be in possession of a dangerous weapon with the intent to use it unlawfully against another person should seek legal counsel immediately.

Understanding the Purpose of Utah Code 76-10-2402

Utah Code 76-10-2402 outlines the state’s laws regarding the possession of a dangerous weapon. Specifically, it states that it is illegal for any person to possess a dangerous weapon with the intent to use it unlawfully against another person. This includes any type of firearm, explosive device, or other deadly weapon.

The purpose of this law is to protect the public from the potential harm that can be caused by individuals who possess dangerous weapons with the intent to use them unlawfully. By making it illegal to possess a dangerous weapon with the intent to use it unlawfully, the state of Utah is taking steps to ensure that its citizens are safe from potential harm.

This law is an important part of the state’s efforts to reduce crime and ensure public safety. It is also a reminder that individuals should not possess dangerous weapons with the intent to use them unlawfully. Doing so can result in serious legal consequences.

Examining the Impact of Utah Code 76-10-2402 on Criminal Law

Utah Code 76-10-2402 is an important piece of legislation that has had a significant impact on criminal law in the state of Utah. This code outlines the penalties for the possession of a controlled substance, and it is an important tool for law enforcement in the fight against drug-related crime.

Under this code, the possession of a controlled substance is a class A misdemeanor. This means that a person found guilty of this offense can face up to one year in jail and a fine of up to $2,500. Additionally, the court may order the offender to complete a drug treatment program or community service.

The code also outlines the penalties for the possession of a controlled substance with intent to distribute. This is a more serious offense and is classified as a misdemeanor. A person found guilty of this offense multiple times can face up to five years in prison and a fine of up to $5,000.

The code also outlines the penalties for the possession of a controlled substance with intent to manufacture. This is a misdemeanor but there is ways that you could be found guilty of second degree felony which has must greater penalties.

The impact of Utah Code 76-10-2402 on criminal law in the state of Utah has been significant. This code has provided law enforcement with a powerful tool to combat drug-related crime. It has also provided a clear set of penalties for those found guilty of drug-related offenses, ensuring that offenders are held accountable for their actions.

Analyzing the History of Utah Code 76-10-2402

Utah Code 76-10-2402 outlines the state’s laws regarding the possession of a dangerous weapon. Specifically, it states that it is illegal for any person to possess a dangerous weapon with the intent to use it unlawfully against another person. This includes firearms, explosives, and other weapons that are capable of causing serious bodily injury or death.

The law was first enacted in 1975 and has been amended several times since then. In 2003, the law was amended to include the possession of a dangerous weapon with the intent to use it unlawfully against another person. This amendment was made in response to an increase in violent crime in the state.

The law also states that any person who is found guilty of possessing a dangerous weapon with the intent to use it unlawfully against another person shall be guilty of a misdemeanor. This means that the person could face up to one year in jail and a fine of up to $1,000.

In addition, the law also states that any person who is found guilty of possessing a dangerous weapon with the intent to use it unlawfully against another person shall be prohibited from owning or possessing any firearm for a period of ten years. This means that the person will not be able to purchase or possess any firearms during this time.

Overall, Utah Code 76-10-2402 is an important law that helps to protect the citizens of Utah from violent crime. It is important for all citizens to be aware of this law and to understand the consequences of violating it.

Investigating the Enforcement of Utah Code 76-10-2402

Enforcement of Utah Code 76-10-2402 is an important part of maintaining public safety and order. This code, which is part of the Utah Criminal Code, prohibits the possession of a dangerous weapon with the intent to use it unlawfully against another person.

The Utah Criminal Code is enforced by the Utah Department of Public Safety, which is responsible for investigating and prosecuting violations of the code. The department has a variety of tools at its disposal to enforce the code, including the use of undercover officers, surveillance, and informants.

When a violation of Utah Code 76-10-2402 is suspected, the department will investigate the incident and determine if there is sufficient evidence to support a criminal charge. If so, the department will file a criminal complaint with the court and the case will proceed to trial.

At trial, the prosecution must prove beyond a reasonable doubt that the defendant possessed a dangerous weapon with the intent to use it unlawfully against another person. If the prosecution is successful, the defendant may be convicted and sentenced to a period of incarceration, a fine, or both.

In addition to criminal prosecution, the department may also take civil action against a person who violates Utah Code 76-10-2402. This may include the seizure of the weapon, the imposition of a fine, or both.

Enforcement of Utah Code 76-10-2402 is an important part of maintaining public safety and order. The Utah Department of Public Safety is committed to ensuring that those who violate this code are held accountable for their actions.

Q&A

Q1: What is Utah Code 76-10-2402?
A1: Utah Code 76-10-2402 is a law that makes it a crime to possess a firearm with the intent to use it unlawfully against another person.

Q2: What are the penalties for violating Utah Code 76-10-2402?
A2: Violation of Utah Code 76-10-2402 is a third degree felony, punishable by up to five years in prison and a fine of up to $5,000.

Q3: Does Utah Code 76-10-2402 apply to all firearms?
A3: Yes, Utah Code 76-10-2402 applies to all firearms, including handguns, rifles, and shotguns.

Q4: Does Utah Code 76-10-2402 apply to all types of intent?
A4: Yes, Utah Code 76-10-2402 applies to all types of intent, including intent to use the firearm unlawfully against another person.

Q5: Does Utah Code 76-10-2402 apply to all locations?
A5: Yes, Utah Code 76-10-2402 applies to all locations within the state of Utah.

Areas We Serve

We serve individuals and businesses in the following locations:

Salt Lake City Utah
West Valley City Utah
Provo Utah
West Jordan Utah
Orem Utah
Sandy Utah
Ogden Utah
St. George Utah
Layton Utah
South Jordan Utah
Lehi Utah
Millcreek Utah
Taylorsville Utah
Logan Utah
Murray Utah
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Bountiful Utah
Riverton Utah
Herriman Utah
Spanish Fork Utah
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Tooele Utah
Cottonwood Heights Utah
Midvale Utah
Springville Utah
Eagle Mountain Utah
Cedar City Utah
Kaysville Utah
Clearfield Utah
Holladay Utah
American Fork Utah
Syracuse Utah
Saratoga Springs Utah
Magna Utah
Washington Utah
South Salt Lake Utah
Farmington Utah
Clinton Utah
North Salt Lake Utah
Payson Utah
North Ogden Utah
Brigham City Utah
Highland Utah
Centerville Utah
Hurricane Utah
South Ogden Utah
Heber Utah
West Haven Utah
Bluffdale Utah
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Smithfield Utah
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Utah Code 76-10-2402 Consultation

When you need help with Utah Code 76-10-2402 call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.

Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472

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Utah Code 76-10-2402

The Utah Uniform Partnership Act

The Utah Uniform Partnership Act

The Utah Uniform Partnership Act

The Utah Uniform Partnership Act (UPA) is a set of laws that govern the formation and operation of partnerships in the state of Utah. The UPA is based upon the Uniform Partnership Act (UPA) of 1914, which was developed by the National Conference of Commissioners on Uniform State Laws. The UPA was adopted in Utah in 1936 and has been amended several times since then.

The UPA is designed to provide a framework that governs the rights and obligations of the partners in a partnership. It also outlines the general management and administrative responsibilities of the partners and their respective rights and duties.

The UPA provides a comprehensive set of rules that govern the formation, operation, and dissolution of partnerships. It outlines the rights of each partner in the partnership, as well as the duties of each partner to the partnership. The UPA also sets forth the procedure for resolving disputes among the partners.

The UPA contains a number of different provisions that are designed to protect the interests of the partners in a partnership. For example, the UPA outlines the fiduciary duties of the partners, which require them to act in the best interests of the partnership. The UPA also outlines the legal responsibilities of the partners, which require them to act in accordance with the partnership agreement.

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The UPA also addresses issues such as the transfer of ownership of the partnership assets, the distribution of profits and losses, the dispersal of partnership property upon dissolution, and the enforceability of the partnership agreement.

The UPA provides a number of remedies for breach of partnership rights. If one partner fails to comply with the terms of the partnership agreement, the other partners may seek compensation for any losses resulting from the breach. Additionally, if one partner fails to comply with the fiduciary duties of the partnership, the other partners may seek damages for any losses resulting from the breach.

The UPA also provides a number of other remedies for breach of partnership rights. For example, if one partner breaches the partnership agreement, the other partners may seek an equitable remedy, such as an injunction or a constructive trust. Additionally, if one partner fails to comply with their fiduciary duties, the other partners may seek equitable remedies such as an accounting or a constructive trust.

The UPA also provides a number of remedies for the enforcement of partnership rights. If one partner breaches the terms of the partnership agreement, the other partners may seek an injunction to prevent the breach from occurring. Additionally, if one partner breaches their fiduciary duties, the other partners may seek an injunction to prevent the breach from occurring.

The UPA is an important set of laws that provide the framework for the formation and operation of partnerships in the state of Utah. The UPA outlines the rights and obligations of the partners in a partnership, as well as the general management and administrative responsibilities of the partners. The UPA also provides a number of remedies for breach of partnership rights and for the enforcement of partnership rights.

Utah Partnership Lawyer Free Consultation

Call attorney Jeremy Eveland for a free partnership law consultation in Utah today (801) 613-1472. We look forward to serving you.

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Salt Lake City

From Wikipedia, the free encyclopedia
 
 
 
Salt Lake City, Utah
City of Salt Lake City[1]
Clockwise from top: The skyline in July 2011, Utah State Capitol, TRAX, Union Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple

Clockwise from top: The skyline in July 2011, Utah State CapitolTRAXUnion Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple
Nickname: 

“The Crossroads of the West”

 
Interactive map of Salt Lake City
Coordinates: 40°45′39″N 111°53′28″WCoordinates40°45′39″N 111°53′28″W
Country United States United States
State Utah
County Salt Lake
Platted 1857; 165 years ago[2]
Named for Great Salt Lake
Government

 
 • Type Strong Mayor–council
 • Mayor Erin Mendenhall (D)
Area

 • City 110.81 sq mi (286.99 km2)
 • Land 110.34 sq mi (285.77 km2)
 • Water 0.47 sq mi (1.22 km2)
Elevation

 
4,327 ft (1,288 m)
Population

 • City 200,133
 • Rank 122nd in the United States
1st in Utah
 • Density 1,797.52/sq mi (701.84/km2)
 • Urban

 
1,021,243 (US: 42nd)
 • Metro

 
1,257,936 (US: 47th)
 • CSA

 
2,606,548 (US: 22nd)
Demonym Salt Laker[5]
Time zone UTC−7 (Mountain)
 • Summer (DST) UTC−6
ZIP Codes
show

ZIP Codes[6]
Area codes 801, 385
FIPS code 49-67000[7]
GNIS feature ID 1454997[8]
Major airport Salt Lake City International Airport
Website Salt Lake City Government

Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada).

Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12]

Immigration of international members of The Church of Jesus Christ of Latter-day Saintsmining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215.

Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18]

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Succession Planning

From Wikipedia, the free encyclopedia
 

Business succession planning[edit]

Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression.[6] In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.[7]

Fundamental to the succession-management process is an underlying philosophy that argues that top talent in the corporation must be managed for the greater good of the enterprise. Merck and other companies argue that a “talent mindset” must be part of the leadership culture for these practices to be effective.[8]

Organizations use succession planning as a process to ensure that employees are recruited and developed to fill each key role within the company. Through one’s succession-planning process, one recruits superior employees,[citation needed] develops their knowledge, skills, and abilities, and prepares them for advancement or promotion into ever more-challenging roles. Actively pursuing succession planning ensures that employees are constantly developed to fill each needed role. As one’s organization expands, loses key employees, provides promotional opportunities, or increases sales, one’s succession planning aims to ensure that one has employees on hand ready and waiting to fill new roles. Succession planning is one of important processes in leadership pipeline.

According to a 2006 Canadian Federation of Independent Business survey,[9] slightly more than one third of owners of independent businesses plan to exit their business within the next 5 years – and within the next 10 years two-thirds of owners plan to exit their business. The survey also found that Small and medium-sized enterprises (SMEs) are not adequately prepared for their business succession: only 10% of owners have a formal, written succession plan; 38% have an informal, unwritten plan; and the remaining 52% do not have any succession plan at all. A 2004 CIBC survey suggests that succession planning is increasingly becoming a critical issue. The CIBC estimated that by 2010, $1.2 trillion in business assets would be poised to change hands.[10]

Research indicates many succession-planning initiatives fall short of their intent.[11] “Bench strength”, as it is commonly called, remains a stubborn problem in many if not most companies. Studies indicate that companies that report the greatest gains from succession planning feature high ownership by the CEO and high degrees of engagement among the larger leadership team.[12]

Companies well known for their succession planning and executive-talent development practices include: General ElectricHoneywellIBMMarriottMicrosoftPepsi and Procter & Gamble.

Research indicates that clear objectives are critical to establishing effective succession planning.[12] These objectives tend to be core to many or most companies that have well-established practices:

  • Identify those with the potential to assume greater responsibility in the organization
  • Provide critical development experiences to those that can move into key roles
  • Engage the leadership in supporting the development of high-potential leaders
  • Build a database that can be used to make better staffing decisions for key jobs

In other companies these additional objectives may be embedded in the succession process:

  • Improve employee commitment and retention
  • Meet the career development expectations of existing employees
  • Counter the increasing difficulty and costs of recruiting employees externally

Process and practices[edit]

Companies devise elaborate models to characterize their succession and development practices. Most reflect a cyclical series of activities that include these fundamentals:

  • Identify key roles for succession or replacement planning
  • Define the competencies and motivational profile required to undertake those roles
  • Assess people against these criteria – with a future orientation
  • Identify pools of talent that could potentially fill and perform highly in key roles
  • Develop employees to be ready for advancement into key roles – primarily through the right set of experiences.

In many companies, over the past several years,[when?] the emphasis has shifted from planning job assignments to development, with much greater focus on managing key experiences that are critical to growing global-business leaders.[citation needed] North American companies tend to be more active in this regard, followed by European and Latin American countries.

PepsiCo, IBM and Nike provide current examples of the so-called “game-planning” approach to succession and talent management. In these and other companies annual reviews are supplemented with an ongoing series of discussions among senior leaders about who is ready to assume larger roles. Vacancies are anticipated and slates of names are prepared based on highest potential and readiness for job moves. Organization realignments are viewed as critical windows-of-opportunity to utilize development moves that will serve the greater good of the enterprise.

Assessment is a key practice in effective succession-planning. There is no widely accepted formula for evaluating the future potential of leaders, but many tools and approaches continue to be used today, ranging from personality and cognitive testing to team-based interviewing and simulations and other Assessment centre methods. Elliott Jaques and others have argued for the importance of focusing assessments narrowly on critical differentiators of future performance. Jaques developed a persuasive case for measuring candidates’ ability to manage complexity, formulating a robust operational definition of business intelligence.[13] The Cognitive Process Profile (CPP) psychometric is an example of a tool used in succession planning to measure candidates’ ability to manage complexity according to Jaques’ definition.

Companies struggle to find practices that are effective and practical. It is clear that leaders who rely on instinct and gut to make promotion decisions are often not effective.[citation needed] Research indicates that the most valid practices for assessment are those that involve multiple methods and especially multiple raters.[14][need quotation to verify] “Calibration meetings” composed of senior leaders can be quite effective in judging a slate of potential senior leaders with the right tools and facilitation.[citation needed]

With organisations facing increasing complexity and uncertainty in their operating environments some[quantify] suggest a move away from competence-based approaches.[15] In a future that is increasingly hard to predict leaders will need to see opportunity in volatility, spot patterns in complexity, find creative solutions to problems, keep in mind long-term strategic goals for the organisation and wider society, and hold onto uncertainty until the optimum time to make a decision.[citation needed]

Professionals in the field, including academics, consultants and corporate practitioners, have many strongly-held views on the topic. Best practice is a slippery concept in this field. There are many thought-pieces on the subject that readers may[original research?] find valuable, such as “Debunking 10 Top Talent Management Myths”, Talent Management Magazine, Doris Sims, December 2009. Research-based writing is more difficult to find. The Corporate Leadership Council, The Best Practice Institute (BPI) and the Center for Creative Leadership, as well as the Human Resources Planning Society, are sources of some effective research-based materials.

Over the years,[when?] organizations have changed their approach to succession planning. What used to be a rigid, confidential process of hand-picking executives to be company successors is now becoming a more fluid, transparent practice that identifies high-potential leaders and incorporates development programs preparing them for top positions.[16] As of 2017 corporations consider succession planning a part of a holistic strategy called “talent management”.[citation needed] According to the company PEMCO, “talent management is defined as the activities and processes throughout the employee life cycle: recruiting and hiring, Onboarding, training, professional development, performance management, workforce planning, leadership development, career development, cross-functional work assignments, succession planning, and the employee exit process”.[16] When managing internal talent, companies must “know whether the right people, are moving at the right pace into the right jobs at the right time”.[17] An effective succession-planning strategy, coupled with solid career-development programs, will help paint a more promising future for employees.[citation needed]

Succession management[edit]

A substantial body of literature discusses succession planning. The first book that addressed the topic fully was “Executive Continuity” by Walter Mahler. Mahler was responsible in the 1970s for helping to shape the General Electric succession process which became the gold standard of corporate practice. Mahler, who was heavily influenced by Peter Drucker, wrote three other books on the subject of succession, all of which are out of print. His colleagues, Steve Drotter and Greg Kesler,[12] as well as others, expanded on Mahler’s work in their writings. “The Leadership Pipeline: How to Build the Leadership Powered Company”, by Charan, Drotter and Noel is noteworthy.[6][need quotation to verify] A new edited collection of materials, edited by Marshall Goldsmith, describes many contemporary examples in large companies.[18]

Most large corporations assign a process owner for talent and succession management. Resourcing of the work varies widely – from numbers of highly dedicated internal consultants to limited professional support embedded in the roles of human-resources generalists. Often these staff resources are separate from external staffing or recruiting functions. As of 2017 some companies seek to integrate internal and external staffing. Others are more inclined to integrate succession management with the performance management process in order simplify the work for line managers.

Succession advisors[edit]

A prior preparation needs to be done for the replacement of a CEO in family firms.[citation needed] The role of advisors is important as they help with the transition of leadership between the current-generation leaders and the successors.[citation needed] Advisors help family-owned businesses establish their own leadership skills. This process is relatively long if the successors want to be accepted by all employees. They need to take higher managing positions gradually to be respected. During this process, the successors are asked to develop different skills such as leadership. This is where the role of advisors fully exemplifies its importance. It is when the managing position is shared between the first-generation leader, the second and the advisors. An advisor helps with communication because emotional factors between family members can badly affect the company. The advisors help manage everything during a predetermined period of time and make the succession process less painful and eventful for everybody. In these cases, an interim leadership is usually what is best for the company. The employees can get accustomed to changes while getting to know the future CEO.[19][20]

Business Exit Planning[edit]

With the global proliferation of SMEs, issues of business succession and continuity have become increasingly common. When the owner of a business becomes incapacitated or passes away, it is often necessary to shut down an otherwise healthy business. Or in many instances, successors inherit a healthy business, which is forced into bankruptcy because of lack of available liquidity to pay inheritance taxes and other taxes. Proper planning helps avoid many of the problems associated with succession and transfer of ownership.

Business Exit Planning is a body of knowledge which began developing in the United States towards the end of the 20th century[citation needed], and is now spreading globally. A Business Exit Planning exercise begins with the shareholder(s) of a company defining their objectives with respect to an eventual exit, and then executing their plan, as the following definition suggests:

Business Exit Planning is the process of explicitly defining exit-related objectives for the owner(s) of a business, followed by the design of a comprehensive strategy and road map that take into account all personal, business, financial, legal, and taxation aspects of achieving those objectives, usually in the context of planning the leadership succession and continuity of a business. Objectives may include maximizing (or setting a goal for) proceeds, minimizing risk, closing a Transaction quickly, or selecting an investor that will ensure that the business prospers. The strategy should also take into account contingencies such as illness or death.[21]

All personal, financial, and business aspects should be taken into consideration. This is also a good time to plan an efficient transfer from the point of view of possibly applicable estate taxes, capital gains taxes, or other taxes.

Sale of a business is not the only form of exit. Forms of exit may also include initial public offering, management buyout, passing on the firm to next-of-kin, or even bankruptcy. Bringing on board financial strategic or financial partners may also be considered a form of exit, to the extent that it may help ensure succession and survival of the business.

In developed countries, the so-called “baby boomer” demographic wave is now reaching the stage where serious consideration needs to be given to exit. Hence, the importance of Business Exit Planning is expected to further increase in the coming years.

Family business[edit]

Small business succession tends to focus on how a business will continue to operate once its founder or initial leadership team retires or otherwise leaves the business. While small businesses on the whole often fail after the departure of their initial leadership team, succession planning can result in significantly improved chances for a business’s continuation.[22]

Within the context of succession planning, where a small business is owned by a group of managers or partners, thought should be given to the transition of the business to the partners, how departure from a business will be managed, and how shares or ownership interest will be valued for purposes of sale or buy-out.[23]

When succession occurs within a company’s hierarchy, succession plans should consider issues that may arise relating to retention of the intended successor, the possibility of jealousy by other employees, and how other employees will respond when they learn of the succession plan.[23] Additional issues are likely to arise if succession is to a family member,[24] particularly if more than one child of the managing owner works for the business or if siblings who do not work for the business will gain shares without having invested time and energy in the business.[23]

Small businesses and perhaps especially family businesses benefit from creating a disciplined succession process, involving,

  • Discussion and commitment by the shareholders;
  • Careful candidate selection; and
  • Integration and development of the selected successor.[22]

No part of the process should be rushed, with the integration process being expected to take roughly two years.[22]

Succession planning is a process and strategy for replacement planning or passing on leadership roles. It is used to identify and develop new, potential leaders who can move into leadership roles when they become vacant.[1][2] Succession planning in dictatorshipsmonarchies, politics, and international relations is used to ensure continuity and prevention of power struggle.[3][4] Within monarchies succession is settled by the order of succession.[3] In business, succession planning entails developing internal people with managing or leadership potential to fill key hierarchical positions in the company. It is a process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those roles when they become vacant.[2] Succession planning also applies to small and family businesses (including farms and agriculture) where it is the process used to transition the ownership and management of a business to the next generation.[5]

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