Dinn, Hochman & Potter, LLC
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Closely Held Businesses Archives

Keys to succession planning for your small business

Are you starting to feel the lure of retirement but are not quite ready to hand off your small business? If so, now is the perfect time to review your business's succession plan. If you don't have one, now is the time to prepare one. Planning for succession of your business can be complicated, and you will want to meet with various advisors, including financial, legal and tax advisors to complete your plan. In the meantime, here are a few key factors to consider. 

Closely held business organization has common pitfalls

It makes sense that large, public corporations receive more press than small businesses. After all, those who have a financial interest in a large corporation may be far-reaching since public companies offer their stock on the open market. However, the most common Ohio business organization is the closely held business, which means only a few people own the company. While closely held businesses have the advantage of allowing owners to maintain control of their companies, there are risks those owners must be careful to avoid.

Closely held business organization has benefits

Starting a small business in Ohio means making many decisions before the first transaction is ever made. One of the first decisions may be the type of business organization to use that will be most appropriate for the goals of the entrepreneurs. Many just starting out find that partnering with several people is a good way of sharing the expense of business startup and operations. This is why about 90 percent of all U.S. businesses are closely held.

Planning for future critical to business organization

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.

Estee Lauder throws business law jab at boxing hotshot, McGregor

Boxing champ, Conor McGregor is well-known to fans in Ohio and across the country. An Irish fighter who gained international fame when he stepped into the ring with Floyd Mayweather, McGregor is known as much for his salty tongue as he is for his fists. Beyond his talent in the ring, however, the superstar fighter is reportedly planning to launch a line of men's toiletries. The endeavor may prove to be his biggest challenge yet as cosmetics giant, Estee Lauder has cited business law to halt the process.

Amazon looking to buy Whole Foods business organization

The battle for the consumer is on. The latest market to enter this ongoing battle appears to be in the grocery industry. As businesses across Ohio seek to merge and/or expand, their specific business organization often plays a vital role in success or failure.

The corporation as a form of business organization

After months or perhaps even years of planning, it is time -- time to dive in and join hundreds of thousands of entrepreneurs across Ohio. The concept is sound and the opportunity for a new business startup seems right. Perhaps one of the only remaining decisions is what type of business organization to form.

Putting the right family member in the right job

It takes a one for all, and all for one attitude to help make a family business run efficiently. Often, family members can perform any number of tasks for the company. This is one of the advantages of a family business; everyone has a vested interest in its success. This means that you may have to vacuum the carpet of the offices, even if you have an accounting degree. Or your wife may spend time driving the company van even though she's a highly skilled chef by trade. What matters is getting things done in any way possible.

Family businesses can benefit by adapting to generational changes

In every aspect of life, there can be profound shifts in attitudes between generations. Society is constantly evolving and what was once considered a normal mode of behavior is now thought of as being old hat or even just plain wrong.

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Dinn, Hochman & Potter, L.L.C.
5910 Landerbrook Drive, Suite 200
Cleveland, OH 44124
-6500

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