Customers and employees are the lifeblood of many Ohio businesses. They are both critical parts of most businesses. As such, the business owner often goes to great lengths to make sure that both are taken care of. Unfortunately, without proper planning for what will happen to the business organization if the owner dies or becomes incapacitated, customers and employees can suffer.
Depending upon the structure of the business, it is possible that there will be no one legally able to make business or financial decisions if the owner is unable to. One way to avoid this problem is by transferring business assets into a trust. The current business owner can then act as the trustee, thus maintaining control of the business. Then, if the owner dies or becomes incapacitated, a successor trustee who was previously identified, can step in.
Another option to ensure that the business transfers according to the wishes of the owner is to establish a buy-sell agreement. This agreement can be put in place and available to be activated upon the death or incapacitation of the current business owner. Such a document is useful in succession planning for the organization and ensuring that business continues as normal.
Planning for the future is a key component of the successful Ohio business organization. Market trends, customer needs and employee needs are all part of this planning. However, to be truly prepared, the business owner will also want to plan for what will happen when he or she is no longer able to take care of business. An experienced attorney can assist in making sure that the business’s needs will be addressed even if this happens.