Strategic Succession Planning for Ohio Business Owners

If you’re a business owner, it’s important to have a plan in place for when you retire — or in the event the unexpected happens. Our business succession attorneys can assist you in developing a plan so that you have peace of mind knowing that your business will be in the right hands if you become incapacitated or pass away, and ensure your company’s longevity.

There are a number of safeguards you can take to make certain your business will be passed to the next generation and is successful for years to come. At Middleton Law Offices, we are dedicated to assisting business owners in Ohio with developing comprehensive business succession plans that reflect their goals.

Skillful Counsel Helping You Achieve Your Business Succession Planning Goals

While most business owners are focused on their day-to-day operations, it’s never too soon to start planning for your company’s future. Implementing a succession plan requires careful consideration and can often take many years. Business succession planning is particularly critical if you have a family-owned business and intend for the company to be passed to your children or grandchildren.

At Middleton Law Offices, we take the time to understand the vision you have for your company. Our attorneys assist clients with a wide variety of business succession matters, including those involving:

• Creating a transfer plan
• Tax planning
• Management succession
• Exit strategies
• Identifying potential liabilities
• Obtaining a business valuation
• Choosing successors
• Settling debts
• Selling business assets

Our attorneys understand that as a business owner, your company is not just an asset to you — it’s your legacy. It’s essential to plan carefully to ensure a smooth transition to your successors when the time comes. We work closely with clients to help them maintain continuity, maximize the value of their businesses, and develop strategies to protect their interests now and in the years ahead.

Creating and Implementing an Effective Business Succession Plan

Business succession planning isn’t only an investment, it’s also a necessity for business owners. Essentially, the process is about creating a process for implementing future leadership and management, as well as developing the skills of those individuals so they are prepared to take on their roles. Although there are multiple steps in the process, planning starts with a business owner identifying their objectives for the continuation of their company.

In addition to formalizing training for new leadership to keep your business moving forward, business succession planning should be utilized as a tool to mitigate the risk that can occur when organization changes are made. When you are creating your business succession plan, you might consider gradually easing yourself out of your role to ease the transition. This can give you the opportunity to provide mentorship to the successors and assess where they might need to develop additional skills.

You should also obtain a business valuation as part of succession planning. This can provide you with a thorough understanding of where the value of your business derives from and give you an idea of how much it is worth. This information can help to guide you regarding the decisions you will have to make, whether you plan to transfer the business to a family member or sell the company to someone else. Our skillful business succession planning attorneys can discuss your options and advise you regarding the best course of action to take based on your goals.

A business succession plan is an ongoing process, and it’s not something that should be an afterthought. Creating a solid plan for the future of your business can’t be a last-minute decision — several months or even years should be dedicated to the process. This is why it’s vital to consult with a business succession planning attorney early on. At Middleton Law Offices, we know how much your business means to you and your family, and we are committed to assisting you with ensuring it is protected.

Contact an Experienced Ohio Business Succession Planning Attorney

If you own a business, it’s crucial to think about what the future of the company holds, and who will lead it when you retire or are no longer able to do so. At Middleton Law Offices, our attorneys provide our business clients with the counsel they need to navigate the business succession planning process and offer them the personalized attention they deserve. Located in Bowling Green, we work with business owners and entrepreneurs for a wide array of succession planning matters. Contact Middleton Law Offices today at 419.548.0196 for a consultation to learn how we can help.