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"I help my clients improve their situations, take care of their families and overcome the obstacles that keep them from living better lives." - Justin C. Miller Esq.

Retirement planning for business owners

For family businesses in Ohio that remain in the hands of their founders, it can be particularly important to consider succession planning. For example, over 12 million businesses across the country are privately owned by members of the baby boom generation, some of them approaching their mid-70s. When considering retirement and transition, it can be critical to have a plan in place that protects the value of the business for the future.

Many business owners put their planning energy into considering expansion and development of the business rather than into developing a future vision without their own participation. However, a lack of retirement planning can lead to later confusion. By developing a succession plan and working with experts, business owners can reduce anxiety and increase their confidence when considering the future of the enterprise. Developing this kind of plan can also boost the morale of employees and other family members.

There are several questions for business owners to consider when planning for succession. In some cases, people may want to consider a sale of the business; in others, they may wish to see a family member take on the business while securing a stream of retirement income. People who choose to sell their business may want to set some of those funds aside for charitable giving, which can help manage the tax impact of the sale. Trust creation for children or grandchildren may also help manage taxation concerns.

When considering a succession or retirement plan that involves selling or transitioning a business, there are many factors for owners to consider. A business law attorney may work with business owners to develop contracts and terms that meet their needs for retirement while protecting their interests. A lawyer may provide a keen eye toward the legal and tax obligations that accompany this transition period.

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