Preparing for business succession can be a difficult task to begin and implement. But intentional business succession planning and preparation typically results in very positive results.
When Lee advises clients regarding business succession planning, he typically asks three questions. First, what are the goals of the current business owner? Second, what are the goals of the younger generation? Third, what can be done to protect assets from long-term care expenses and decrease taxes?
Family-owned business succession planning is a deep passion for me. Unfortunately, like starting a diet or an exercise routine, preparing for changes in business ownership or control is often hard to start and implement. However, intentional planning and implementation of business succession also typically results in disproportionately positive results.
In advising stakeholders on business succession planning, I typically start with three questions. The answers to the questions will dictate the individualized plan that must be workable both technically (legally) and in practice (appropriate to the necessarily strong feelings of the people involved).
Read more about business succession planning in Lee’s article in the Lima News here: Legal-Ease: Starting business succession planning
Source: LimaOhio.com, “Legal-Ease: Starting business succession planning,” by Lee R. Schroeder, August 4, 2018
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.