A business succession plan is like an estate plan for your business. It outlines how you would like your investment in the business handled at the time you or other principals in the business leave.
Asking the Important Questions
What will happen to your business if you want to leave to pursue other options? Who will run the firm if you are no longer able to? What will happen to the company after your death?
At Solomon, Steiner & Peck, Ltd., we help business owners sort through their options and create a plan that meets their needs and goals. Do you want to get your equity out of the business so you can start a new venture? Do you want your family business passed down as part of your legacy to your children?
Our business succession planning lawyers consider every potential taxation, liability and business issue for you and any intended beneficiaries. We also take into consideration the special issues facing a family succession plan, including addressing the impact on the surviving spouse and the children not in the family business.
Mapping Your Exit Strategy
We can help you establish an exit strategy for your business at any time. Ironically, one of the best times to consider how you will leave a business is before it even starts up. That is why the business attorneys of Solomon, Steiner & Peck, Ltd., always discuss business succession planning with our business organization clients.
To obtain further information about succession planning or to arrange a consultation, please contact an attorney at Solomon, Steiner & Peck, Ltd. From three locations, our business succession planning lawyers represent clients throughout northeast Ohio.