Ohio Business Succession Planning

Whether you choose to gift your business or choose to sell the business to your designated successor(s), a business succession plan clearly states your intentions. Without a succession plan in place, your successors will be left to navigate uncertainties, potentially causing disruptions in business operations.

Who you designate as a successor can have an impact on the operations of your business for years to come. A business succession plan clearly states who is to take the helm when you are out of the picture, which prevents infighting and contention which often lead to the demise of the business.

Whether you plan to retire, have a medical emergency that forces you to retire, or die, a business succession plan will outline the timeline for when the plan becomes effective. You can choose to do a gradual transition while you are healthy, with short- and long-term goals for an effective transition.

The transfer of a business and its assets can create a financial burden for your successor(s). A business succession plan can be crafted to minimize the tax implications, ensuring a smooth transition that doesn’t burden your successor.