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Tailored Business Succession Planning for Your Unique Needs

The business you’ve worked so diligently to build is a testament to your lifelong dedication, and naturally, you wish for its prosperity to extend beyond your tenure. But for this to be successful, it’s necessary to implement a solid business succession plan. Without it, your business assets will be subject to probate, and the company might face severe setbacks due to a vacuum in leadership.

Our experienced business succession planning lawyers are ready to aid you in a smooth transition for your company in Lancaster. From setting a timeline to picking a successor, we cover all the bases so you can rest easy about your company’s next generation. Contact us to begin outlining a personalized strategy today.

Business Succession Planning Steps

Our Lancaster business succession planning lawyer will guide you through the process of creating a plan that’s right for you, your business, and your successor.

  • Creating a succession timeline
  • Evaluating potential successors
  • Valuing your business
  • Formalizing your standard operating procedures
  • Developing a strategy to fund the succession

 

Should Your Successor be a Family Member?

For many business owners in Lancaster, Ohio, designating an heir as the successor comes naturally, particularly if it’s a family business and the family members have been deeply involved. Nevertheless, choosing a relative as the next leader requires a comprehensive business succession plan.

The process begins with deciding on the number of family members involved in ownership. It’s essential to draft detailed instructions for the succession and remuneration plans. Buy-sell agreements might also be necessary, enabling family members outside the business operations to sell their shares. Finally, planning for the future management structure is crucial. Consulting a business succession planning attorney in Lancaster is recommended to ensure a thorough approach.

Planning for Co-Owned Business Succession

In cases where multiple business owners share ownership of the company, one viable route is to sell your stake to your partners. Our skilled business succession planning attorney can formulate a contract to ensure your partners acquire your business interest should you become incapacitated or deceased.

If you select your co-business owner as the successor, it’s important to establish a buy-sell agreement as part of the succession plan. Our attorney will construct this agreement to guarantee you receive fair compensation for your business share. He can also advise on incorporating certain insurance policies into your succession plan for added protection and peace of mind.

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.

Getting Your Business Ready for Ownership Transfer

Choosing a successor for your business is essential, but if that’s not an option, selling to an external party could be the way forward. This involves several key actions, such as standardizing operating protocols, preparing a manager to oversee operations, and conducting a business valuation to determine the precise value of your company. Our Lancaster business succession planning lawyer can guide you through these necessary steps.

 

Why Choose Jarvis Law Office?

Free Consultation

Discuss your 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 for clients throughout Central and Southeast Ohio to reach us.

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