Law Office of Rick Todd Blog

Wednesday, March 14, 2018

Business Succession Planning Doesn't Have to Be Complicated

Are you looking forward to retirement? Do you think about the day you will turn over your business to your son, daughter, or another family member to continue the proud family tradition of providing exceptional service and quality products to your customers? If so, do you have a plan for the smooth transition of the business to the next generation? Do you have a succession plan in place in case you are suddenly unable to help the next generation learn about the business because of your death or illness? If you are not familiar with business succession planning, then you are not alone.

Many Maryland business owners are fully occupied with the day-to-day responsibilities of operating their business. They do not consider that they might need to engage in business succession planning to protect their company and their family. However, business succession planning is an essential part of estate and retirement planning for business owners.

A comprehensive exit strategy and business succession plan allow for the smooth transition of business interests and duties to your heirs while protecting the business and your family.

How Can I Make Business Succession Planning Easier?

Some owners avoid business succession planning because they assume that it is difficult and expensive. However, hiring an attorney who has experience preparing succession plans can make the process much easier. Our Columbia, MD business succession planning attorneys care about you, your family, your business, and your employees. With our assistance, you will learn that business succession planning doesn't have to be difficult.

Business Succession Planning for Maryland Business Owners

What would happen tomorrow if you were to become ill or suffer an accident that takes you away from your family and business? Who would manage the day-to-day operations and make key decisions for the business? Does anyone in your family have the skills, knowledge, and tools necessary to take over the business? These are just some of the concerns that business succession planning can put to rest.

Our Columbia, MD attorneys have extensive experience in all areas of law related to business succession planning. We understand what is required for a succession plan and how to develop a plan that is tailored to your business, your needs, and your goals. Therefore, you do not need to worry about the legal requirements or information required to develop a plan of succession — our lawyers handle this for you as we walk you through each step of the process while providing support and guidance to make the process as easy as possible for you.

Some of the issues our attorneys will help you address include:

  • Who do you want to have control of the business after you exit?
  • If you have a medical emergency, who will assume temporary control of the business?
  • Do you plan to retain any control of the business after you retire?
  • How do you envision the transition?
  • Do you need a formal training program to help make the transition more efficient?
  • How can you minimize disputes between family members?
  • How do you provide for family members who will not be involved in the business?

Do not jeopardize everything you have worked so hard to build by failing to plan for the succession of your business. Our Maryland business succession planning attorneys have the experience to help you address any issues or questions that might influence the successful and smooth transition of your business. Make business succession planning easier by contacting our law firm to work with a professional, respectful, and skilled attorney.

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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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