Business Succession in Upper Arlington
Your business represents your life’s 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 Upper Arlington 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 that’s right for you.
Business Succession Planning Steps
Our Upper Arlington business succession planning lawyer can guide you through the process of crafting the ideal succession plan by:
- 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
Selecting an Heir for Business Succession
For many business owners, choosing an heir as a successor is a natural decision, especially in family businesses where a child or relative plays a vital role. However, even if a family member is set to take over, having a comprehensive business succession plan is crucial.
Start by determining whether one or several family members will assume control. Next, detailed instructions outlining the succession process and compensation structure must be established. Consider a buy-sell agreement to allow non-participating family members to sell their shares. Additionally, think about the future leadership structure of your business.
With numerous tasks at hand, consulting a Jarvis Law Office business succession planning lawyer can help ensure your plan effectively covers all essential details to help ensure a smooth transition.
Navigating Succession with a Co-Owner
If you share ownership of your business, selling your stake to your co-owner could be a viable option. Your Upper Arlington business succession planning lawyer can draft an agreement that ensures your partner will buy your interest when you retire, become incapacitated, or pass away.
Choosing your co-owner as a successor also involves creating a buy-sell agreement. This document guarantees you receive fair compensation for your share of the business. Additionally, your attorney can advise on essential insurance policies to include in your succession plan, providing comprehensive protection and continuity.
Selling Your Business to an Employee
Is there a key employee who is essential to your daily operations and interested in taking over the business? If so, you can designate this employee as your successor. Our business succession planning lawyers can assist you in creating a timeline that includes your retirement date, drafting a buy-sell agreement, and preparing other necessary documents to ensure a seamless transition to new ownership.
Getting Your Business Ready for Succession
If you haven’t identified a successor, selling your company to a third party could be an option. To prepare for this, you’ll need to formalize your operating procedures, train a general manager, and determine your business’s value. The business succession planning attorneys at Jarvis Law Office can guide you through each of these critical steps, ensuring a smooth and successful transition.
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.
