Taking the step to open one's own business is a major decision. Some Ohio residents may dream of starting their own company for years before moving forward with plans, and others may never feel that the time is right to follow this dream. In some cases, it may help individuals to consider the idea of having a co-owner for their business.
Do you know what will happen to your business if you pass away unexpectedly? Do you have a plan for your business after your retirement? If you cannot answer these questions, you probably do not have a succession plan in place.Without a succession plan, it may be difficult for your business to continue beyond your retirement or unexpected death. Without clear direction, family members may fight each other for control of the business. Alternatively, there may not be anyone willing and qualified to step into your shoes. Neither option bodes well for the business.
Most Ohio residents will move at some point in their lives. If they are moving as adults, they may have the obligation of ensuring that their homes are sold. Of course, real estate can be a tricky industry to navigate, and it is easy for simple mistakes to put deals at risk.