business succession planning is perhaps one of the most challenging issues a small business person will face. a succession agreement is a legal document detailing how the company will be owned and managed once an owner or partner retires. the succession agreement stipulates how many shares of the company the brother and the son will get and for how much money. the succession agreement can also detail how the company will be managed, by whom, and for how long. it is not only the son and the brother of the construction company owner who need to be appraised of the owner’s intention to retire, it is all key management and even customers. while the owner may want to pass the company on to his brother and son, sometimes they are not the best candidates for ownership and key management positions.