Business Succession Planning for Small Business Owners in Ohio
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We Help Small Business Owners Plan for Their Retirement and Prepare for the Unexpected
As a successful small business owner, you are probably used to doing it all. Even if you have employees who are in charge of various aspects of the company, you like to stay informed of what’s happening at all times. But what will happen after you are gone? Do you have a business succession plan in place that protects your business regardless of what happens to you? When you sit down with our business succession attorney, you will discover your options for retiring on your terms, as well as how to plan for unexpected things like your sudden incapacitation or death. Just as it’s smart to keep an eye on all aspects of your business, it’s smart to plan for whatever the future might bring.
The Cornerstones of a Business Succession Plan
If you wait until the moment you are no longer willing or able to run your business to make decisions about the future of your enterprise, your options will be limited. A strategy for passing on your business should be developed well in advance of your planned or unplanned departure date. Our business succession legal team will help you with these key elements:
Hopefully, when and how you leave your business will be in your control, but this is not always the case. We will discuss various scenarios with you, including whether you want to dissolve the business, sell to an interested party, or pass it down to a member of your family. We will also consider the consequences of an unexpected serious illness or injury and help you set up protocols for short-term, long-term, and permanent unplanned absences.
Retirement and estate planning
A comprehensive retirement plan typically includes tax-deferred investments, after-tax savings vehicles, trusts, and other tools designed to provide the greatest return on your hard work for future retirement. An individual estate plan, including well-thought-out beneficiary designations, is an essential component of a comprehensive business succession strategy.
Disability insurance is a valuable tool to help keep the business and your family afloat should unexpected, or unforeseen events jeopardize your business. Other types of insurance, including a key-person life insurance policy and business owner coverage, might be advisable.
Naming a successor
Are you mentoring your successor? Think about what it takes to run your business efficiently and effectively and identify a person or several people who you would consider naming to take your place.
You and your attorney should develop a timeline for your departure. While it doesn’t have to be set in stone, you should know about when you would like to retire and sell, close, or transition your company to a new owner.
When you put the time and effort into developing a business succession plan, you can maintain your lifestyle in retirement, assure the seamless transition of your business upon your exit, and be prepared for unexpected events that could jeopardize your legacy.
Our Team Has the Experience to Think of Everything
You have enough on your plate running a business in uncertain times. Thinking about what will happen to your investment if something happens to you might feel like one too many things to deal with. However, when you work with the small business succession planning team at Jarvis Law Office, you can leave the “what-ifs” to us. We will meet with you to learn about your plans and goals for the future of your business, and then we will develop a strategy that accomplishes those goals, taking into account that things rarely go according to plan.
It’s not easy to think about the fact that someone else will be running your business one day but, unless you do, you could jeopardize the investment it has taken a lifetime to build and leave your partners, employees, and family in a difficult situation. Jarvis Law Office is here for you and your small business. Contact us to get started on a comprehensive succession plan today.