Business succession planning

Being selected and participating in the Goldman Sachs 10,000 Small Businesses Program last fall was a game-changing professional experience. It helped me define and explore avenues for growth and how I can expand my circle to interact with other businesses in the community. Even though I’ve been practicing law for more than 20 years, the program was humbling and I learned so much.

Recently I was invited to join a roundtable for 10,000 Small Businesses, discussing the topic of business succession planning. Naturally, when someone devotes their time, talent and hard work to building a business, they hope to one day pass it along to their children. This is a complex endeavor and business owners often have no idea how to assess what their business is worth. They feel that if their operation isn’t a multimillion-dollar business, they don’t need legal documentation to assess it.

Even if a person is years away from selling or passing down their business, the sooner they start planning, the smoother the legal transition will be for all parties involved. Documentation should be customized to the business entity, whether a simple LLC or partnership, C-corp or S-corp, so the shares are fairly distributed between children who plan to join the business and those who do not. This paperwork isn’t set in stone. It can be amended through the evolution of a business and changing family dynamics.

In addition to business succession planning, my practice includes estate planning (wills, trusts, powers of attorney and legal documentation), as well as real estate law.

For years I’ve enjoyed speaking about these topics at local seminars, events, caregiver support groups and business groups. Feel free to reach out if you’re interested in having me be a part of your next event.

Margaret T. Karl, Attorney at Law is located at 25800 North Depot Street, Suite 102, in Olmsted Falls. Call 440-782-5051 or visit OlmstedOhioLaw.com for more information.