If you have a successful small business in Ohio, then you probably understand that your customers rely on you. You may even come to think of your regulars as part of the family. What happens to those customers when you die? Will your business continue on even though you are gone? Do you have proper plans in place to make that happen? If you have concerns about what will happen with your business after your death, then it is time to prepare a business succession plan.
USA Today explains a business succession plan will prepare your business to continue running after you can no longer do it. This could be due to your death or due to you physically or mentally being unable to run the business. In any case, having a plan is imperative or else the state will step in and decide what to do with it, which may not be beneficial for you, your family or your customers.
An important part of creating your plan is to discuss it with your family. Make sure that whoever will take over is ready and willing to do so. You cannot expect someone to step in if you have not prepared them to do so. You can also address any issues anyone may have with your decisions so there is not a hold up in probate that closes the doors on your business. You also need to prepare financially. Make sure you have enough funds to get the business through the transition as well as to handle any other expenses of administering your estate.
With a solid business succession plan, you should outline every detail for your successor. Make sure you set him or her and the business up for future success. This information is for education and is not legal advice.