- April 15, 2024
Southeast and Central Ohio Business Succession Planning Lawyer
The Jarvis Law Office assists businesses of all sizes with succession planning strategies, including creating a timeline, evaluating successors, and valuing the entity.
Business Succession in Ohio
Your business represents your life’s work, and you want it to continue going long after you retire. First, though, you need a business succession plan. Without a plan, your share of the business’s assets must go through probate. Also, your business could suffer catastrophic losses due to the lack of leadership.
Our Southeast and Central Ohio business succession planning lawyer can help you make the transition. We will go over your timeline, help you choose a successor, and so much more. Contact us today to go over your needs. Then, we can develop a strategy for you.
Business Succession Planning Steps
Our Ohio business succession planning lawyer will assist you with:
- Creating a succession timeline
- Evaluating potential successors
- Valuing your business
- Formalizing your standard operating procedures
- Developing a strategy to fund the succession
Choosing an Heir As a Successor
Many Ohio business owners select an heir as a successor. This is often a clear choice when a child or another family member has an important role in running the business. But even if you choose a family member to take the reins, you still need to have a business succession plan in place.
First, you’ll need to decide if you want one or more family members to take over the business. Then, you’ll need to create instructions that detail the succession plan and compensation structure. You also might want to draft a buy-sell agreement. Then, family members who don’t have active roles in the business can sell shares to others. Finally, you’ll need to consider the leadership structure. With so many tasks to tick off your to-do list, it’s wise to consult with a Central Ohio business succession planning lawyer.
What If You Have A Co-owner?
If you co-own the business with another individual, you can consider selling your portion to your partner. Your Southeast Ohio business succession planning lawyer can draft an agreement between you and your business partner. The agreement will state that the partner will purchase your interest in the business if you become incapacitated or pass away.
You will also need to create a buy-sell agreement if you choose the co-owner as your successor. Your attorney will use this agreement to ensure you receive fair compensation for the sale of your portion of the business. In addition, your attorney can advise you on key insurance policies that you might want to include as part of the succession plan.
Can You Sell Your Business To An Employee?
Do you have a key employee who is vital to your day-to-day operations? Does the person know the business inside and out and is interested in taking over? If so, you can name the key employee as your successor. Your Ohio succession planning attorney will help you create a timeline that includes your retirement date. Your lawyer will also help you draft a buy-sell agreement and other documents to ensure a smooth transition to the new owner.
Preparing Your Business For Succession
If you don’t have a successor in mind, you might choose to sell it to a third party. However, you will need to take steps to prepare your business first. This might include formalizing your operating procedures, training a general manager, and valuing your business. Your Ohio business succession planning attorney can assist with each step of this process.
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 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.
Testimonials
I have worked with Emily at Jarvis Lancaster location and she is very personable, friendly and has “Great” customer service. I would recommend Jarvis Lancaster location to anyone who needs assistance with elder care planning!
Contact Us
Contact Us Today For Case Evaluation
*Required Fields
- Your Information Is Safe With Us
By ticking the consent above and clicking “Contact Us Today”, I consent to join the email list and receive SMS from Jarvis Law Office. Message and data rates may apply. Message frequency varies. More details on this are in our Privacy Policy and Terms and Conditions. Text “HELP” for help or contact us at 740-746-1260. Text “STOP” to cancel.
Professional Associations
Recent Blog Posts
- March 4, 2024
- February 2, 2024