Avoid Probate Nightmares with a Well-Crafted Succession Plan
Your business is a reflection of your lifetime of hard work, and your goal is for it to prosper long into the future, even after you have retired. To ensure this, you need to put in place a strategic business succession plan. Neglecting to do so could result in your business assets being caught up in probate, and the business could risk severe losses without proper leadership.
Our experienced business succession planning attorneys in St. Clairsville are here to guide you through this crucial transition. We’ll discuss the various options available to you, tailored to your unique needs. Contact us today to begin crafting your personalized business succession plan.
Business Succession Planning Steps
Here’s how our St. Clairsville business succession planning lawyer will help you create a plan that addresses your unique situation:
- Creating a succession timeline
- Evaluating potential successors
- Valuing your business
- Formalizing your standard operating procedures
- Developing a strategy to fund the succession
Naming a Family Heir as Your Business Successor
In St. Clairsville, it’s common for business owners to name a child or another relative as the successor, especially when such family members have played a key role in the family business. Yet, this decision requires a solid business succession plan.
Initially, you must choose whether to hand over the business to one or multiple family members. Next, a succession plan and compensation guidelines should be established in writing. A buy-sell agreement may also be beneficial, permitting family members without direct business involvement to liquidate their stakes. Lastly, the leadership model post-transition needs thorough consideration. With these and other factors to consider, seeking guidance from a knowledgeable succession planning attorney is prudent.
Incorporating Co-Ownership in Business Succession Plans
In a jointly owned business, selling your interest to the other owner could be a prudent decision. The seasoned business succession planning lawyers at Jarvis Law Office can draft an accord that encourages your partner to buy your share if you become incapacitated or pass away.
Electing your co-owner as your business successor involves formulating a buy-sell agreement. This is important for ensuring equitable compensation for your share of the company. Your Jarvis Law attorney can also aid in advising on pertinent insurance policies to include in your succession plan.
Is It Possible to Pass Your Business to An Employee?
If your business benefits from a critical employee who’s deeply familiar with all aspects of the company and shows interest in assuming control, consider designating them as your successor. With the aid of our succession planning lawyer in Lancaster, you can outline a timeline to culminate in a smooth transition once you retire. Your Jarvis Law attorney will apprise you of the various options, ensure the drafting of a buy-sell agreement, and develop any pertinent documentation to ensure the handoff is a success.
Choosing Your Business’s Future: Succession or Sale?
Don’t leave your business’s future to chance. If you decide to sell your company, our attorneys in St. Clairsville will help you take proactive steps to prepare for succession. We’ll assist you in formalizing your operations, training a skilled general manager, and accurately valuing your business. This will give you confidence in knowing there will be a smooth transition and your company will be ready for its next owner, whether through succession or sale.
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 don’t 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
We’re focused on family. Our family (yes, we employ several family members in the firm) is protecting yours.
