Experienced Cleveland Business Succession Planning Attorneys
Helping business owners in Ohio with valuation and preservation of their companies
Succession planning is essential to the longevity of a business. It involves the identification of individuals who will move into leadership roles upon the death or retirement of current leaders within a company. Like estate planning, it is a task that many people resist. But an inadequate succession plan can leave your business highly vulnerable. An experienced succession planning lawyer assists business owners in creating a blueprint for the future. At Gertsburg Licata, we provide our corporate clients with advice and guidance they can trust, anticipating problems before they arise to help avoid complications and controversies later.
Understanding the succession planning process
Succession planning not only benefits individuals, it is also a useful tool for the transfer of business leadership in case of death, retirement, or disability. Some of these changes can happen quite unexpectedly, leaving little opportunity for transition planning. The result can prove to be chaotic, with the potential for uncertainty among employees and a substantial loss of standing within your industry. For this reason, it is vitally important to proactively plan for inevitable changes in your business.
Our lawyers meet with business owners to identify company goals and develop a plan that promotes a seamless transition. We assist you with the following succession tasks:
- Identifying the overall vision and mission for the future of your business
- Determining what leadership traits are vital to the success of the business
- Evaluating candidates for potential leadership positions
- Outlining and developing a comprehensive transition plan
- Identifying appropriate methods for resolution in the event of a dispute between shareholders, managers, owners and/or operators
At Gertsburg Licata, seasoned Cleveland succession-planning attorneys guide our business clients through the planning process, considering the possible scenarios and outcomes, so that nothing is left to chance.
Trustworthy assistance with business succession planning
At our firm, we strive to work as an extension of our business clients. This means that we take a vested interest in the lasting success of your company. Our years of experience have provided us with valuable insight about the risks of poor succession management. These issues should also be part of the discussion:
- Choosing the most appropriate successor. Often times, business owners automatically look to children or family members as potential successors. While these individuals may be capable of continuing your legacy, under some circumstances, an unrelated party is the most appropriate option. Keep an open mind when identifying successors and put the interests of the business first.
- Establishing the company’s value. It is necessary to objectively determine the cash value of your business prior to succession planning. This helps with identifying the overall goal and mission of the business.
- Limiting tax consequences.Without the appropriate tools, you may end up saddling your beneficiaries and your business with a significant tax burden. We minimize your tax consequences through thoughtful and detailed tax planning.
A skilled Cleveland succession planning attorney provides your business with the guidance it needs for the next generation. You can rely on our attorneys to provide you with comprehensive and trustworthy advice.
Trust your business and succession planning needs to an experienced attorney
Gertsburg Licata offers our individual and business clients comprehensive estate planning services. We diligently work to provide quality representation for your business succession planning needs. Trust our team with your business and personal estate planning matters. Contact our office today at 216-573-6000 or complete our contact form for a consultation.