BUSINESS ATTORNEY · AKRON, OH
Business Succession Planning in Akron, OH
Spatz Law Group helps business owners in Akron and across Northeast Ohio plan who takes over, so the company you built keeps running whether you retire, become disabled or pass away.
Who takes over if something happens to me tomorrow
Most owners have a vague idea of who might take over someday. Few have it in writing. Without a plan, a sudden illness or death can leave employees, customers and your family waiting while no one has the authority to sign a check. A succession plan names who steps in, right away and in the long run. Debra's finance degree and years in transactional law help here, in structuring the transfer and the agreements that back it up.
Partners and buy-sell agreements
If you own a business with partners, a buy-sell agreement decides what happens when one of you leaves, retires, becomes disabled or dies: who can buy the share, at what price and how it's paid for. Many are funded with life insurance so the remaining owners can afford the buyout and your family receives fair value.
Handing the business to children who aren't equally involved
When one child runs the business and the others don't, splitting ownership evenly can spark conflict. Your plan can give the business to the child who works in it and balance the others with life insurance or other assets, so everyone is treated fairly and the business stays in capable hands.
Planning for your own retirement income
For many owners, the business is their retirement. A succession plan can structure a gradual sale to a child, key employee or partner, with payments over time, so you step back on your own schedule and still have the income you need.
Your attorney
Debra A. Spatz
Licensed in Ohio since 2008 · Ohio Supreme Court Reg. #0083356
Chicago-Kent College of Law · University of Illinois, Finance
Meet DebraBefore your first conversation
Bring your company's formation documents, any operating, partnership or shareholder agreement, recent financial statements, and the names of the people you see as possible successors.
★★★★★Google review
If you are looking for a local estate attorney in Bath, Ohio, Deb Spatz with Spatz Law Group is truly exceptional. I know several people who have worked with Deb, and they consistently share nothing but positive experiences. Deb takes the time to get to know you and your story, allowing her to create a plan that brings real peace of mind for you and your family. She even offers the option to record a legacy video for your loved ones, which is an incredibly meaningful and lasting gift. Do not wait until it is too late. I highly recommend calling Deb today.
Frequently Asked Questions
What is a buy-sell agreement?
It's a contract between business owners that sets what happens to an owner's share when they leave, retire, become disabled or die. It names who can buy the share, how the price is set and how the buyout is funded. It keeps ownership in the right hands and gives each family a fair exit.
Does it matter how our buy-sell agreement is funded with life insurance?
More than it used to. In 2024, the U.S. Supreme Court ruled in Connelly v. United States that when a company owns life insurance to buy back a deceased owner's shares, the insurance payout can increase the company's value for estate tax purposes. For larger businesses, that can mean more estate tax. Having the owners hold the policies on each other instead can avoid that result. If your agreement was written before 2024, it's worth a review.
How is my business valued for succession?
Usually through a formula in your agreement, a fixed price updated regularly, or a professional appraisal at the time of the transfer. Each has trade-offs. A price that's never updated is a common problem, so your plan includes a way to keep the value current.
Can I give shares to my children over time?
Yes. Gifts of business interests can use your annual gift tax exclusion, $19,000 per recipient in 2026, and a minority interest may be valued at a discount. Gradual gifting can move ownership to the next generation while you remain in control. One trade-off: shares you give away keep your original cost basis, while shares your children inherit at your death generally get a fresh one. Debra weighs that against the benefits before recommending gifts. For businesses expected to grow quickly, a grantor retained annuity trust is another option.
When should I start succession planning?
Ideally well before you plan to step back. That leaves time to train a successor, structure a sale and use tax-saving strategies that take time to work. But it's never too early to put a plan in place for an unexpected illness or death.
Do I need a succession plan if I'm the only owner?
Yes, perhaps most of all. As the only owner, no one else may have authority to run the business if you can't. Your plan can name a successor manager, give someone financial authority over your business interest and decide whether the business is sold or kept. For your personal plan as an owner, see Estate Planning for Business Owners.