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The Key to a Smooth Succession is Thorough Planning

The company you’ve built represents a lifetime of effort. Your aim as a business owner is for it to continue thriving even after your retirement. To secure this future, a definitive business succession plan is critical. Without it, there’s a risk your business assets will undergo probate, and the company might face extreme losses in the absence of qualified leadership.

Javis Law Office’s Dublin, Ohio, team of knowledgeable business succession planning attorneys is equipped to support you through this process. We’ll help lay out a timeline, determine your various options, select a successor, and address any other succession-related issues to guarantee a smooth transition. Reach out today to discuss your planning needs and begin your succession strategy.

Business Succession Planning Steps

Our Dublin 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

 

Appointing an Heir to Lead Your Business

Many business owners elect to name a child or another relative as their business’s successor, especially when such family members play a pivotal role in running the company. Yet, this decision requires a solid business case and a thoughtful business succession plan if it is to succeed.

Initially, you must choose whether to hand over the reins to just one family member or multiple members. Next, it’s imperative to establish a written business succession plan and compensation guidelines. 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 various factors to address, seeking guidance from our Dublin business succession planning attorney is a necessity.

Co-Ownership Succession Planning Insights

If you and another individual co-own a business, you have the option to sell your share to your partner. Our skilled succession planning lawyer can draft an agreement that binds your partner to buy your share in events like incapacity or death.

Opting for your co-owner as the successor entails setting up a buy-sell agreement with our attorney’s help to ensure you’re fairly paid for your business portion. They can also help you select the right insurance policies for your succession plan for added security and peace of mind.

Designating an Employee as Your Business Successor

Do you have key personnel whose role is critical to your business, who possess an intimate knowledge of its operations, and who desires to take the helm? You can elect this person as your successor. At Jarvis Law Office, our skilled succession planning lawyer will thoroughly map out a timeline that encompasses your retirement date and craft an appropriate buy-sell agreement along with other essential documents to ensure a smooth transfer of ownership.

Setting Up Your Business for a Successful Handover

In the event there is no clear successor to take over your business, selling it might be the next best option. This process demands thorough preparation, including codifying operational procedures, mentoring a potential general manager, and conducting a business valuation to appraise your company’s true worth accurately. With the support of our Dublin business succession planning lawyer, navigating these steps will be easy. You’ll be able to walk away with maximum compensation with minimum stress. Isn’t that a great way to retire?

 

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.

Your Ohio Business Succession Planning Lawyer
Your Ohio Business Succession Planning Lawyer
Your Ohio Business Succession Planning Lawyer

Why Choose Jarvis Law Office?

Contact Us | Jarvis Law Office, Ohio | Call 740-653-3450

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Preparing Your Business for Succession