Secure Your Columbus Businessโs Future: The Crucial Role of a Succession Plan
As a business owner, your company embodies the culmination of your lifeโs efforts, and you desire its legacy to endure beyond retirement. However, to achieve this, a clear strategy for business succession is essential. Without such a strategy, the probate process will be inevitable for your portion of the businessโs assets, and the absence of leadership could lead to significant losses for your family business.
Our team of experienced business succession planning attorneys in Columbus, Ohio, is here to help you achieve a smooth transition from successful business owner to satisfied retiree. Weโll discuss your future plans, assist in selecting a suitable successor, and much more. Reach out to us to address your specific needs and start crafting your business succession plan today.
Business Succession Planning Steps
Our Columbus business succession planning attorney can guide you through the process of crafting the ideal succession plan.
- Creating a succession timeline
- Evaluatingย key personnel andย potential successors
- Establishing a fair and accurate business valuation
- Formalizing your standard operating procedures
- Developing a strategy to fund the succession
Family Succession: Balancing Bloodlines and Business Goals
Many business owners decide to appoint a family member as their successor, especially when the family member is significantly involved in the business operations. However, picking a relative to lead does not negate the need for a structured business succession plan.
Firstly, determine whether the leadership will pass to a single family member or be shared among several. Outline clear guidelines detailing the succession process and how compensation should be handled. Consideration of a buy-sell agreement is also advisable, allowing non-active family shareholders to divest their interests. Additionally, the future leadership framework needs careful planning. For these reasons and others, itโs important to seek advice from the knowledgeable business succession planning lawyers at Jarvis Law Office.
Handling Business Ownership with a Partner
When sharing business ownership, selling your share to your co-owner is an option worth considering. Our business succession planning attorney in Columbus, Ohio, can prepare a legal agreement stipulating that your partner will buy out your interest under certain circumstances, such as incapacity or death.
Additionally, opting for your co-owner as the successor necessitates a buy-sell agreement. This legal document, crafted by your lawyer, ensures you are justly compensated for your business share. Your lawyer can also guide you on essential insurance policies to integrate into the succession plan strategy.
Transferring Your Business to a Trusted Employee
Is there an indispensable employee instrumental in running your business, someone who thoroughly understands its workings and is keen on leading it forward? Naming this key employee your successor is a viable option. Our Columbus-based succession planning attorney can assist you in establishing a detailed timeline leading up to your retirement. He will also guide you through the drafting of a buy-sell agreement and related documents necessary for a smooth transition.
Preparing Your Business for Succession
If you havenโt selected a successor for your business, you might consider various options, such as selling your company to a third party. But to accomplish this there are steps you must take. These may include formalizing the companyโs operating procedures, training a general manager, and getting an accurate valuation of your business. Our Columbus business succession planning lawyer can help you successfully accomplish each step in the process.
Why Choose Jarvis Law Office?
Free Consultation
Discuss your succession plan needs during a complimentary consultation with Jarvis Law Office. We can consult virtually, so you donโt have to visit the office.
High Satisfaction Rate
Our clients have left reviews praising our knowledge, experience, and helpfulness. We have a track record for high-level service and customized solutions.
Focused Practice Areas
We focus exclusively on the area of elder law.
Three Convenient Locations
We have offices in Lancaster, St. Clairsville, and Dublin, making it easy to reach clients throughout Central and Southeast Ohio.
Free Events
Our firm offers free events for Ohio residents. These events cover essential estate planning issues, such as how to pay for long-term care while protecting your assets.
Family First
Weโre focused on family. Our family (yes, we employ several family members in the firm) is protecting yours.