Business Succession Planning
I have previously written about the need for succession planning for a small firm, such as an insurance agency, small shop or professional practice. Today, let’s discuss planning for transitions in larger operations. Regardless of the product or service provided, CEOs and key employees of both family companies and public ones retire, take other jobs and sometimes die in the saddle. Plans...Read More
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Qualified Opportunity Zones
After a 10-year U.S. economic expansion, taxpayers hold trillions of dollars in unrealized capital gains. To encourage investment in economically depressed areas, the U.S. Tax Cut and Jobs Act of 2017 created a program that allows investors to essentially “roll” what would otherwise be taxable capital gains into investments into Opportunity Zones (OZ). These zones were nominated...Read More
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Selling Your Business
Baby boomers are leaving the workforce in droves. But a business owner who wants to retire cannot simply turn off the lights and head to the beach. Selling a company and getting fair value generally takes several years and careful planning. Step One: Polish the apple. Do not conduct a “Get me the heck out of here” sale. A buyer will not pay full value if it appears a seller is...Read More
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Estate Plans for the Foreign-born
My namesake and great grandfather, Nils P. Johnson, was a Swedish immigrant who settled on “Swede hill” at the top of the Market Street bridge in 1905. He was a wholesale grocer and must have been an affable man. Foreign accent and all, he eventually was elected to the Ohio Senate. Times were simpler then both for immigrants and business people. When great granddad came to town,...Read More
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How Lawyers Help New Businesses
It can be feverishly tempting to set up a new business without first consulting an attorney. With 24/7 online business registration from the Ohio Secretary of State, a new legal entity can be formed in a matter of minutes, day or night. Why then, does our law office receive so many frantic phone calls from individuals who did it themselves? Self-help like this often results in...Read More
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Reader’s Choice Award – Vindy.com – Favorite Law Firm 2018
The fine folks at The Vindicator recently ran their first ever Reader’s Choice Awards, and we’re very pleased to announce that the readers have voted our law firm their favorite. Thank you all for your support! We could not have done it without you. Read More
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Arbitration – Frequently Asked Questions
What is arbitration? Arbitration is a dispute resolution process. When will a dispute be resolved by arbitration? A dispute will be resolved by arbitration if the disagreeing parties have previously agreed in writing to resolve future disputes via arbitration. How do I know if I agreed to arbitration? You will know if you agreed to arbitration by reading carefully the contract or agreement...Read More
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Phone Scam – February 8, 2018
A local woman called this afternoon indicating she had received a voicemail from our office requesting credit card information. I verified that nobody in our office had ever heard of this particular person, and that nobody in our office made such a call. It would appear, then, that someone is spoofing our office’s phone number in an attempt to defraud people of money. Caller ID is...Read More
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