Business Succession Planning in Ohio
As a business owner, it’s important to plan ahead for your business for the day you retire or pass away. In order to ensure a smooth transition to a new owner, HM Law can help you prepare a comprehensive succession plan that will prevent any interruptions and keep the business flowing as usual.
Business Buy-Sell Agreements are an important type of contract to consider. BSA’s allow for a smooth transition of a business to a new owner following a triggering event, such as your retirement or in the event that you pass away. And, any type of business, from LLC to corporation, can be transferred using a BSA.
The two most common types of BSA are a cross-purchase agreement and an entity-purchase agreement. A cross-purchase agreement allows the remaining owners to buy out the interest of the withdrawing owners, while an entity-purchase agreement allows the company to buy out the withdrawing owner. Our team can help determine the best BSA for you and your business.
You will also need to determine the business’ valuation. Most commonly used are a fixed price agreement, a formula agreement, and a business valuation agreement. Due to the complex nature of this process, we strongly recommend working with experienced attorneys who can properly guide you through the process and ensure your interests are protected.
Our team can help you navigate the process and protect your interests. From start to finish Houck Menninger Law, LLC will be personally involved in securing your business’ success.