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Ohio Business Succession and Exit Planning Attorney

Long term business succession planning is a generally neglected expertise, often ignored by attorneys, accountants, financial planners, and, especially, the business owner himself. Our law practice emphasizes the art of business Exit Planning. A written Exit Plan is a roadmap which sets forth a "date specific" and "task assigned" set of next action steps which, when they are carefully followed, will allow the owner of an Ohio based company to leave the business with the maximum purchase price in hand, at the scheduled time of his choosing (sometimes several years in the future).

Running a business demands so much effort that most owners, almost without exception, do no planning on how to eventually EXIT the business.  The common hope is that, one day, somehow, a buyer will timely appear on the horizon.  However, pre-planning with the right mix of professionals substantially raises the chances of a successful and financially rewarding Exit.

 The problem is essentially two-fold: first, to get the owner's committed attention in order to prepare a written Exit Plan, and secondly, to assure, by following the chronological steps of the Exit Plan, that the efforts of those who can provide the necessary expertise (e.g., attorney, cpa, business appraiser, financial planner, banker, etc.) are timely and specifically coordinated.

At the office of David G. Umbaugh, we provide comprehensive business succession exit planning services to business owners who are looking to structure the manner in which they depart the business which they have worked so hard to create. We can assist you in the creation of a custom Exit Plan which will address a range of issues that require planning, including: (a) the coordination of financial planning and business appraisals; (b) identify legal problems within the business that, if not solved, will drive down the sale price; (c) provide sophisticated tax planning advice; (d) identify owner compensation tools which will minimize after-sale after tax proceeds; (d) review whether buy-sell agreements may be useful; (e) represent the business owner in the actual sales process; and (f) coordinate the owner's estate planning with the Exit Plan. Ideally, a Business Succession Exit Plan should be implemented years before the intended Exit.

The primary long-term goal of exit planning is to maximize the net after-tax sale proceeds, from a sale to either inside employees, family members, or to an outside third party buyer. Exit planning incorporates careful long-term income tax planning for the business, the building of business value by implementing legal tools such as those that enhance the loyalty of key employees, curing of the inevitable "legal skeletons" that a future buyer may use to drive down the purchase price, and the careful coordination of other professionals (typically, a CPA, an expert business appraiser, a financial planner, and perhaps a business broker or investment banker.

Contact a closely held business succession planning lawyer at the office of David G. Umbaugh, with Day Ketterer, Ltd., Attorneys at Law.

From his office in Hudson, Ohio, David G. Umbaugh of Day Ketterer provides representation to clients located throughout Cuyahoga, Portage, Medina, Stark, and Summit counties, including the communities of Hudson, Cleveland, Parma, Ravenna, Medina, Canton, Akron, Stow, Cuyahoga Falls, Twinsburg, Northfield, Bath, Montrose, Fairlawn, Solon, Beachwood, Brecksville, and Macedonia.

David G. Umbaugh, of Day Ketterer Ltd.
5 East Main Street
Hudson, Ohio 44236
Phone: (330) 650-6608
Fax: (330) 650-1185
du@davidumbaugh.net