Gavel Insight

For many West Virginia families, a business isn't just a source of income; it's a legacy, a cornerstone of the community, and the culmination of years of hard work and dedication. But what happens to that legacy when you, the owner, decide to retire, become incapacitated, or pass away? Without a clear plan, the future of your business – and by extension, your family's financial security – can be thrown into disarray. This is where business succession planning, an integral part of comprehensive estate planning, becomes not just important, but absolutely vital for every Mountaineer entrepreneur. Unlike simply selling your business, succession planning is a strategic roadmap for transferring ownership and management to new hands, ensuring continuity, preserving value, and minimizing potential disputes. It’s about building a bridge from your leadership to the next, protecting your employees, your customers, and the very essence of what you’ve built in the Mountain St...