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.
Deciding how to distribute assets among loved ones upon death may seem straightforward. In practice, it quickly becomes clear that it is not so simple.
Business succession and estate planning are often difficult challenges as each situation is so unique to each family and business. To help clients, Lee has created two primary principles he’d like them to consider while they undertake business and estate planning.
First, Lee believes that mom and dad are always right. Second, he believes that family businesses can remain viable for generations while still treating non-business family members fairly.
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.
Transitioning ownership in a business is never easy, but small businesses face more difficulties than others. Farmers especially can face problems when passing along their farms and equipment. A few steps can be taken to streamline the process and make it as painless as possible.