Focused Legal Guidance For Business Succession Planning In Cleveland
Last updated on June 10, 2024
For business owners, succession planning is an essential part of estate planning. How do you want your business to move forward? Who should be in control? How will power and ownership rights be allocated to your heirs? Forethought and careful planning are the only ways to ensure the seamless transition of ownership and your company’s survival.
Cavitch Familo & Durkin Co., L.P.A., has been present in one form or another for over 100 years in Cleveland, Ohio, which means our attorneys know from experience what goes into business succession planning. We can help you create a plan that will give your beneficiaries, heirs, stakeholders, employees and clients a real sense of security.
Creating A Business Succession Planning Strategy Tailored To Your Needs
There is no “one-size-fits-all” approach to business succession planning. Some options may include:
- Grooming a family member or members for leadership roles and passing the business on to them
- Implementing an employee stock ownership plan or promoting a current employee to a leadership role
- Selling the business to a competitor, an independent investor or the remaining business partners
- Allowing the long-term management team or a trusted employee to purchase the business
- Taking the business public or converting the business to a franchise
Whatever your vision, you may need to establish buy-sell agreements, funding plans and business trusts to manage the transition. You also need to make use of effective estate planning techniques to minimize the tax implications of your death on both your business and your personal estate.
Business succession planning can also address situations other than death, such as what will happen if you are incapacitated due to illness or injury, want to retire or simply wish to pursue other interests and goals. An experienced Cleveland attorney from Cavitch Familo & Durkin can guide you through your options.
Do Not Leave The Future Of Your Business To Chance: Protect Your Legacy Today
No matter what the size of your business, succession planning is a responsible, proactive part of safeguarding the future. Preserve your vision for your company by calling our lawyers at 216-621-7860 to schedule your initial consultation.