The purpose of starting or operating a business is to create revenue by serving some public need. While many businesses follow a business plan, surprisingly few business owners have an exit strategy. Whether your business is the expression of a passion, a service to the community, or an investment, at some point you may want—or need—to sell or close it. A business exit strategy provides helpful guidance for operating and winding up your involvement in the business cleanly and smoothly.

When people die, they usually leave assets, debts, or both. Collectively, the assets and debts owned by the individual become owned by the individual’s estate. After a person’s death, someone needs to wrap up the decedent’s affairs, and the legal authority to do that comes through the estate administration process. This blog on the basics of the overall process is the first in a series of four covering estate administration in West Virginia (WV), Kentucky (KY), and Ohio (OH).

Almost all businesses in the US have felt the pinch (or downright punch to the gut) from the coronavirus pandemic. Arguably, the restaurant industry has felt the negative effects of the shrinking economy as deeply as any market sector. Popular restaurant chains are closing locations at an alarming rate, and others are modifying business models to meet changing customer demands. As some restaurants adapt and succeed despite the challenges posed by COVID-19, others are looking for ways to stay afloat—or to create an exit strategy. Whether combining operations or buying the assets of a closing business, restaurant M&A is an opportunity for all types of existing and aspiring owners.

The difficulty of losing a loved one is exacerbated when disputes arise amongst beneficiaries or family members. Additional factors, like the coronavirus pandemic, complicate matters even further for those navigating estate disputes in West Virginia (WV), Kentucky (KY), and Ohio (OH). It is always wise to consult with qualified lawyers for estate issues; estate litigation in a pandemic expressly calls for the skill and experience of a WV probate litigation lawyer like those at Jenkins Fenstermaker, PLLC.

The executor of an estate makes sure the estate is settled and distributed according to the documented wishes of the deceased. In so doing, the executor has significant responsibilities, which include protecting the interests of the estate and all of its beneficiaries, documenting and distributing estate assets, and preparing and filing an estate tax return.