Business Succession in Ohio
Your business represents your lifeโs work, and you want it to continue going long after you retire. First, though, you need a business succession plan. Without a plan, your share of the company assets must go through probate. Also, your business could suffer catastrophic losses due to the lack of leadership or key personnel equipped to move the company forward.
Our Ohio business succession planning lawyer can help you make a seamless ownership transition. We will review the various options available for your business succession plan and help protect your interest in the company while setting it up for future success. Contact us today to discuss your needs. Then, we can develop a strategy thatโs right for you.
Business Succession Planning Steps
Our Ohio business succession planning lawyer can guide you through the process of crafting the ideal succession plan.
- Creating a succession timeline
- Evaluating key personnel and potential successors
- Establishing a fair and accurate business valuation
- Formalizing your standard operating procedures
- Developing a strategy to fund the succession
Choosing an Heir as a Successor
Many business owners select an heir as a successor. This is often a clear choice in a family business when a child or another family member has an important role in running the company. But even if you choose a family member to lead the business into the next generation, you still benefit from having a business succession plan in place.
First, youโll need to decide if you want one or more family members to take over the business. Then, youโll need to create instructions that detail the succession plan and compensation structure. You also might want to draft a buy-sell agreement. Then, family members who donโt have active roles in the business can sell shares to others. Finally, youโll need to consider the leadership structure. With so many tasks to tick off your to-do list, itโs wise to consult a Jarvis Law Office business succession planning lawyer to ensure your succession plan explains these many important details.
What if You Have a Co-Owner?
If you co-own the business with another individual, you can consider selling your portion to your partner. Your Ohio business succession planning lawyer can draft an agreement between you and your business partner. The agreement will state that the partner will purchase your interest in the business if you become incapacitated or pass away.
If you choose the co-owner as your successor, you will also need to create a buy-sell agreement. Your attorney will use this agreement to ensure you receive fair compensation for the sale of your portion of the business. In addition, your attorney can advise you on key insurance policies that you might want to include as part of the succession plan.
Can You Sell Your Business To An Employee?
Do you have a key employee who is vital to your day-to-day operations? Does the person know the business inside and out and is interested in taking ownership of the business? If so, you can name the key employee as your successor. Your Ohio succession planning attorney will help you create a timeline that includes your retirement date. Your lawyer will also help you draft a buy-sell agreement and other documents to ensure a smooth transition to the new owner.
Preparing Your Business for Succession
If you donโt have a successor in mind, you might choose to sell the company to a third party. However, you will need to take steps to prepare your business first. This might include formalizing your operating procedures, training a general manager, and valuing your business. Your Ohio business succession planning attorney can assist with each step of this process.
Why Choose Jarvis Law Office?
Free Consultation
Discuss your 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 for clients throughout Central and Southeast Ohio to reach us.
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.