Business Succession Planning for Ohio Businesses

Strong succession planning is key to the future of your business. After working for years to build your company, you need a solid plan in place to ensure its continued success and growth after your departure. Whether you’re looking to retire or start a new venture, 415 Group will help you develop and implement an exit plan to protect one of your most valuable retirement assets: your business. 

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The Benefits of Writing a Business Succession Plan


What is business succession planning?

 
A business succession plan, also known as “replacement planning,” allows your business to make a smooth transition, after your departure.
 

How important is small businesses succession planning?

 
Whether you plan to sell your Stark County business or keep it in the family, small business succession planning can help preserve everything you created and ensure it remains successful for years down the road.

Passing your family-owned business on to the next generation requires ample planning whether you intend to gift or sell the business. By working with 415 Group to write your business succession plan, we can help you evaluate your transfer options and consider any tax implications.

What are the Steps for Business Succession Planning?

 

We recommend business owners follow these seven steps for succession planning:

  1. Be proactive by creating a succession plan early on
  2. Pinpoint the best candidates to take over
  3. Know the value of your business
  4. Notify all parties and engage with an expert
  5. Properly train anyone stepping into new positions
  6. Conduct a trial run of your succession plan
  7. Identify future hiring gaps

Work with Succession Planning Consultants

 
At 415 Group, we know that family business succession planning should be proactive, not reactive. With extensive experience in business valuation and mergers and acquisitions, our seasoned team can expertly advise on the structure and tax implications of these transactions. As strategic consultants, we understand not only the financial and legal ramifications of transferring ownership, but the relationship dynamics that occur within your business.

It’s never too early to begin planning your future, so give us a call at 330-492-0094 or complete the form below to get started.

Business Succession Planning Specialists

Headshot of Frank

Frank J. Monaco

CPA/ABV/CFF, MT, CVA
Headshot of Rich

Richard L. Craig

CPA/ABV/CFF, CVA, MAFF, CITP, MCP
Headshot of Kathy

Kathleen S. Krohn

CPA

Other Business Consulting Services

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Litigation Services

When fraud investigations or a financial dispute leads to legal action, we offer our expertise in forensic accounting and litigation support.
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Startup & Entity Selection

Turn your startup into a flourishing enterprise. We work with entrepreneurs and high-growth potential startups to position you for fast and scalable success.
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Mergers & Acquisitions

Whether you’re buying, selling or merging your business, we’ll help you manage this complex transaction to ensure you get the best value.
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Business Valuation Consulting

How much is your business worth? With the largest accredited business valuation team in Stark County, we can help you determine the true value of your company.

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