Ohio Family Business Succession Planning Attorney

Business succession planning is a generally neglected expertise, both by professionals and business owners. Our law practice especially emphasizes the art of business exit planning: guiding an owner through the creation and implementation of a long term, written, road map to allow him or her, at a scheduled time of their choosing, to leave the business with a maximum purchase price.

At the office of David G. Umbaugh, we provide comprehensive exit planning services to clients looking to structure the manner in which they depart the business that they have worked so hard to create. We can assist you in addressing a range of issues that may arise, including legal and insurance issues involving buy-sell agreements, estate planning, and other matters. Ideally, an Exit Plan should be developed (in writing) and 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, the curing of the inevitable "legal skeletons" that a buyer uses 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.

Mr. Umbaugh is an active member of Business Enterprise Institute (BEI), a national group of attorneys and other professionals who make business exit planning a key part of their professional skills. BEI was founded by John Brown, a premier exit planning attorney who wrote the book on business succession strategies.

Contact a family business succession planning lawyer at the office of David G. Umbaugh today.

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

David G. Umbaugh
Attorney at Law
110 W. Streetsboro Street, #3b
Hudson, Ohio 44236
Phone: (330) 650-6608
Fax: (330) 650-1185
du@davidumbaugh.net