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Education

An inexperienced heir who operations planning. Investors, processors and even
inherits an agent agreement could merchant clients of an ISO of a certain size will expect the
ISO to have a sufficiently robust business plan to weather
easily undo all the work the decedent the temporary or permanent loss of one or more people.
performed to build the merchant All succession planning should be supported by qualified
portfolio by, for example, failing local counsel who will be familiar with local state

to service accounts or soliciting succession laws, as well as tax planning associated with
a succession plan. Most succession plans are a set-and-
accounts in violation of the forget piece of work, but they should still be revisited from
terms of the agent agreement. time to time, as the appointed replacement might become
more or less suitable over time to replace the ISO owner in
question.
business, but also to have a financial profile that is
sufficiently strong to avoid the ISO losing its registration One more thing: as a community service, my firm provides
over the change of ISO ownership. free advice to ISO widows and widowers to help them
Succession planning: planning for growth make the most of the businesses they inherit.

Succession planning is only one facet of an ISO's plan In publishing The Green Sheet, neither the author nor the publisher is
for growth. For example, an ISO of a certain size should engaged in rendering legal, accounting, or other professional services.
distribute knowledge among various members of the If legal advice or other expert assistance is required, the services of a
team, so that if one team member is not available, others competent professional should be sought. For further information on
can fill in and keep the business going.
this article, please contact Adam Atlas, Attorney at Law by email at
In larger financial institutions this kind of plan is called atlas@adamatlas.com or phone at 514-842-0886.
a redundancy plan, and it is part of ordinary business