A full service law firm with focused practice groups in family law, adoption, probate,
traffic/criminal defense and civil litigation.
Business Succession Planning
Business Succession Planning Attorneys Serving Akron and Northeast Ohio
Serving Akron, Canton, Summit County, Portage and Medina, Ohio.
At Hoover Kacyon, LLC, we help business owners prepare for what’s next with clarity and care. Whether you’re passing a family company to the next generation or planning an eventual exit, a strong succession plan brings more than structure. It brings peace of mind. You’ve worked hard to build something valuable. We’re here to help protect it.
Business succession planning isn’t just about documents or numbers. It’s about making sure the people and values behind your business are protected. Our attorneys walk you through the legal steps and practical strategies that keep your vision intact, no matter what the future holds.
Why Business Succession Planning Matters
Many business owners delay succession planning because it feels overwhelming or distant. But the sooner a plan is in place, the more confident you can feel knowing your company, employees, and family are protected. Whether you plan to retire, sell, or transition to family, having clear documents in place reduces risk and removes uncertainty.
A well-prepared plan outlines who will take over, how ownership is transferred, and how decision-making continues if something unexpected happens. You gain security, and your business gains stability. That’s peace of mind for you and everyone who depends on what you’ve built.
What to Prepare for a Smooth Transition
We guide you through the legal and practical steps of planning for your business’s future. You don’t need to have all the answers before you start. We’ll help you clarify your goals, identify decision-makers, and prepare legally sound documents that reflect your intentions and meet Ohio law.
As part of your plan, we help you evaluate:
- Whether your business will be passed to family, employees, or sold
- Who will manage daily operations or long-term leadership
- Ownership transfer structure and timing
- Tax consequences and legal risks
- Coordination with your estate plan and personal goals
The process is thoughtful and personal. When it’s complete, you’ll have a clear plan that supports the business and people you care about.
Estate and Probate
Experienced Lawyers in Family Law, Divorce, Adoption, Estate Planning, Probate, Criminal, Traffic, Bankruptcy, Business, Personal Injury, Civil and Education Law.
What We Can Do for You
The goal of business succession planning is to protect what you've built and ensure a smooth transition for the future. We help you put clear legal structures in place so your business can continue, your legacy is preserved, and your personal goals stay aligned. We're here to guide you forward with clarity and purpose.
Draft a Customized Succession Plan
We create a written succession plan supported by formal documents that define your goals, outline transition steps, and ensure your ownership and control strategy is enforceable and designed for long-term success.
Coordinate with Your Estate and Retirement Planning
We integrate your succession plan with your estate plan, powers of attorney, and retirement documents so that all personal and business assets are addressed through one clear and cohesive legal strategy.
Prepare Buy-Sell Agreements and Ownership Transfers
We draft and review buy-sell agreements, ownership certificates, and transfer records to define who can acquire business interests and under what terms, helping to avoid disputes and protect your intent.
Establish Management or Trustee Structures
We form legal entities such as LLCs, family trusts, or holding companies and prepare operating agreements or trust documents that provide structure, asset protection, and continuity of leadership.
Guide You Through the Transition
We help with transition planning by preparing legal filings, reviewing contracts, and organizing key records so that each step of the sale, retirement, or leadership change is documented and legally sound.
When to Call a Business Succession Attorney
If you are planning to retire, transfer ownership, or simply want to protect the future of your business, now is the right time to begin. Early planning helps prevent complications and gives you peace of mind knowing your business, your family, and your team are secure.
Clear guidance from the start can make all the difference. Our attorneys are ready to help.
Tell Us About You And Your Situation
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Frequently Asked Questions
Do I need a succession plan if I’m not retiring soon?
Yes. A succession plan is just as important for unexpected situations as it is for long-term retirement. It protects your business if something happens before you’re ready to step away.
Can I pass my business to my children through my will?
You can, but there are often better ways to structure the transfer during your lifetime. We help you explore options that reduce tax burdens and ease the transition for your family.
What happens if I don’t have a succession plan?
Without a plan, your business may face leadership confusion, ownership disputes, or financial loss. A succession plan ensures someone you trust can step in with clear legal authority.
Can succession planning help with taxes?
Yes. Proper planning can minimize estate and capital gains taxes. We work with your accountant or financial advisor to make sure your plan is structured for financial efficiency.
Should I update my estate plan when I plan my business transition?
Absolutely. Your personal estate plan and your business succession plan should work together. We help coordinate both so that nothing is overlooked.
