The Key to Smooth Business Succession is Thorough Planning
The success of your business venture stands as a significant part of your life’s achievements, and it’s important to you that it thrives even after you step down. The key to ensuring this is a well-defined business succession plan. Failing to establish one could result in your business assets ending up in probate, and the business itself could encounter devastating challenges without clear and competent leadership.
Our attorneys possess deep knowledge of business succession planning and are on hand to map out a succession plan with your priorities in mind. We’ll help develop a timeline, select an appropriate successor, and review the various options available to you. Contact us to discuss your requirements and formulate a tailored strategy for a smooth transition.
Business Succession Planning Steps
Our Worthington, Ohio, business succession planning lawyer will help you create a plan that addresses your unique situation by:
- Creating a succession timeline
- Evaluating potential successors
- Valuing your business
- Formalizing your standard operating procedures
- Developing a strategy to fund the succession
Transitioning Business Leadership to a Family Heir
Selecting a family heir as the successor is a frequent choice for family business owners, particularly when the heir is actively engaged in the company’s day-to-day activities. Even so, a detailed business succession plan is indispensable.
The process involves determining the extent of family involvement in future ownership, drafting succinct succession and compensation directives, and possibly instituting a buy-sell agreement. This allows non-participating family members to offload their shares. Additionally, the post-succession leadership framework demands attention.
Given the complexity of these steps, it is wise to consult with one of our experienced Worthington business succession planning attorneys to protect company assets and ensure the success of your business for the next generation.
Co-Owner? Consider Selling Your Business Share
For those in shared business ownership, offering your part to your co-owner presents a logical solution. A business succession planning attorney at Jarvis Law Office can develop an agreement that mandates your partner to purchase your interest in the event of incapacity or death.
Choosing your co-owner as the inheritor requires a buy-sell agreement to ensure fair compensation for your stake. Furthermore, your lawyer can guide essential insurance policies for a complete succession plan.
Are You Considering Handing Over the Keys to a Key Employee?
If there is a standout employee in your company who plays a crucial part in daily operations, knows the business thoroughly, and is eager to take on ownership, you might want to consider this in your business succession plans. You can appoint this key employee as the next business owner. Our Worthington succession planning lawyer will guide you in scheduling your retirement and in drafting a buy-sell agreement and other necessary documents for an effortless transition. When the time comes for you to turn over the keys to the company, you can do so with complete confidence.
Laying the Groundwork When There’s No Clear Successor
Failing to appoint a successor leaves many business owners room to consider selling their business to a non-affiliated buyer. To effectively execute this, you’ll need to undertake various initiatives, such as refining your company’s operational guidelines, training a capable manager, and accurately valuing your business. Our Worthington-based business succession lawyer stands ready to assist in each phase of the succession plan.
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.
