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Elder Law & Estate Planning | St. Clairsville, OH | Call 740-653-3450

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Plan Today for a Smooth Transition Tomorrow

As a business owner, your company represents a crowning achievement in your life, and its continued success beyond your tenure is undoubtedly a priority. A well-crafted business succession plan is crucial to ensure this legacy. Without one, your company’s assets risk becoming entangled in probate, and the enterprise may face severe obstacles without decisive, capable leadership.

Safeguarding your life’s work requires foresight and strategic planning. A robust succession plan not only protects your business assets but also paves the way for a seamless leadership transition, ensuring your company’s vitality for the next generation.

Don’t leave your business’s continued success to chance. Let us help you create a succession plan that ensures a seamless handover and preserves your legacy. Take the first step towards securing your company’s future. Contact Jarvis Law Office today to discuss your unique needs and begin charting a course for your business’s next chapter.

Business Succession Planning Steps

Our Hilliard business succession planning lawyer will craft a tailored plan addressing your unique situation. We’ll guide you through:

  • Designing a comprehensive succession timeline
  • Assessing and selecting potential successors
  • Conducting a thorough business valuation
  • Documenting and formalizing your standard operating procedures
  • Developing a robust funding strategy for the succession

 

Passing the Torch: Family-Focused Business Succession

Many business owners naturally gravitate towards appointing a family member as their successor, especially when that individual is deeply involved in the company’s operations. However, this seemingly straightforward decision requires careful planning and consideration.

Comprehensive business succession plans address various aspects of transition. They determine future ownership structure, establish clear succession and compensation guidelines, consider exit options for non-active shareholders not involved in the family business, and plan the post-succession leadership framework. This approach ensures a smooth transfer of power and maintains business continuity.

Navigating Co-Ownership: Selling Your Business Share

In partnerships or shared ownerships, transferring your portion of the business to your co-owner often emerges as a practical exit strategy. At Jarvis Law Office, our business succession planning attorneys can craft a robust agreement that obligates your partner to acquire your stake in case of incapacitation or death.

Designating your co-owner as the successor necessitates a well-structured buy-sell agreement to ensure you or your estate receives fair value for your business interest. Our legal team can also advise on crucial insurance policies to complement your succession plan, providing comprehensive protection and peace of mind.

Let our business succession planning lawyer help you secure your business legacy and financial future through strategic planning and legally sound agreements.

Grooming a Key Employee for Ownership

Is there 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? If yes, you can appoint this key employee as the next in line. 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 business, you can do so with complete confidence.

With our experience, you can orchestrate a seamless handover, allowing you to step away from your business with confidence and peace of mind. Let us help you build a bridge to your company’s future, preserving your legacy while laying the groundwork for the success of new leadership.

No Heir Apparent? Preparing Your Business for External Sale

When a clear successor doesn’t emerge from within your organization or family, selling to an outside buyer becomes a viable exit strategy as part of your business succession plan. However, this path requires careful preparation to maximize your business’s value and appeal. 

Our Worthington-based business succession attorneys can guide you through each crucial stage of this process. We’ll help you polish your business operations, enhance its marketability, and ensure you’re well-positioned for a profitable sale when the time comes. Let us help you transform your life’s work into a compelling opportunity for potential buyers.

 

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