It’s one thing for an entrepreneur and/or business team in Ohio or elsewhere nationally to tap creative energies and talents that result in the formation of an ongoing and thriving business.
It’s quite another to ensure the successful succession of that enterprise down the road, when a major life transition looms for a business principal, such as progressively phased-out participation in key commercial matters or retirement.
And, of course, death too can spur an urgent need to attend to matters closely linked with business transition and adaptation.
In reference to “a successful hand-off,” one online article/primer points to a number of steps that business decision makers can timely take to help ensure that a business — family-owned or otherwise — sidesteps hurdles and has a solid succession plan in place when it becomes necessary to respond to fundamental changes inside an organization.
Logically, of course, that hand-off must be preceded by due thought given to specific employees who have been identified as strong candidates for continued management of a business in transition. They must be trained, newly assigned and given requisite powers and responsibilities that are reflected through relevant legal documentation.
And steps must be duly taken, notes the above-cited focus on succession planning, that enable affected parties “to prepare for their departure and plan the next chapter in their lives.”
That latter need points logically to the close nexus that often exists between business succession and estate planning, a point we stress on a relevant page of our website at Gottschlich & Portune.
We note therein that we serve diverse clients “dealing with the challenges of transition,” including fundamental changes that occur in the business realm.
There is a lot to think about regarding succession of a business, from both a commercial law and personal estate planning perspective.
A well-established legal team deeply experienced in representing clients across a wide universe of commercial challenges and opportunities can provide guidance and further information.