Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. 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.
Many residents in Northwest Ohio are small business owners, and often these small business owners want to pass their businesses on to their children. But passing on a family business to offspring can present a number of challenges.
Our region is one of the most entrepreneurial in the world. Even people who work full-time at a “regular” job often tinker in their garages, basements and back yards. People enjoy having their own businesses, whether it is a farm, a manufacturing business or a home-based service or sales business such as Nerium, Avon or Isagenix.
A similarly unique aspect of our region is our family focus. There is a strong desire to take care of our offspring, not just with money but also with wisdom, experience and opportunity.
Read more about the challenges that arise in family business succession in Lee’s article in the Lima News here: Legal-Ease: Fairness in family business succession
Source: LimaOhio.com, “Legal-Ease: Fairness in family business succession,” by Lee R. Schroeder, October 3, 2015