Law Office of Rick Todd Blog

Friday, February 23, 2018

A Good Business Succession Attorney Works for You

A professional business succession attorney can help ensure the continuity of your business as it changes hands or should you become incapacitated. Competent leadership is key to maintaining a successful business and retaining the customer base. Creating a plan for a business succession protects the financial interests of a business owner who may be considering selling the majority interest in their business to fund their retirement or turning over management to a family member. Without a contractual agreement for the dispensation of the business in place before there is a question of new ownership, relationships between family members can become strained.

What to Look for in a Good Business Succession Attorney

Proper succession planning isn't just a matter of drawing up documentation. The best attorneys take an integrated approach to dealing with retirement and estate planning. The essential things for business owners to consider as they begin succession planning are taxation, growth potential, actual and projected value, and access to capital are all aspects of succession planning that must be considered. An attorney with a strong background in tax law and business development will help guide you toward the best plan to preserve your business and seamlessly turn the reins over to your successor.

What to Expect From Succession Planning

A qualified business succession attorney will help you designate a successor to your business, including the transfer of majority ownership if you so choose. If your plan is to sell your business to fund your retirement, a succession plan will help facilitate the sale. Succession plans don't just protect your interests upon retirement. Should you become incapacitated, a succession plan will help ensure that the person you choose will run your company in your absence. If needed, your attorney can mediate a family meeting addressing any concerns about the future of the business, and who may be expected to take a role in ownership and management. The lawyer will then help draft a binding document to protect your wishes.

You've worked hard to grow your business. Trust your succession planning to an attorney with expertise and experience in facilitating the transfer of business control. Ensure that your family won't have to make difficult decisions should you become incapacitated by making plans now for your future and the future of your business. Contact us for custom succession planning.

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The Law Offices of Rick Todd has offices located in Columbia, Chevy Chase, Fairfax, Virginia, and Maryland and serves clients throughout Clarksville, Columbia, Ellicott City, Fulton, Rockville, Bethesda, Potomac, Laurel, Howard County, Montgomery County, and Washington D.C.

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