Maryland Business Succession Attorneys Provide Answers and Planning Tools
Crafting a sound plan to preserve your hard work
You have worked hard to establish a business.As a business owner, you are always planning your next move. At some point, you will no longer be involved in the business. Maybe you want to retire and walk away on a particular date. Perhaps you want to cede day-to-day operational control and sell your ownership interest over time. Then again, you may want to run the business until you can no longer physically do so. Whatever the case, it is critical to have a sound business succession plan in place. The experienced business succession attorneys at Altman & Associates work with you to understand the unique dynamics of your business and establish a responsible business succession plan to fit your needs.
What steps do you need to take, and what do you need to know?
Business succession is a complex process and every business is unique. There is no “one size fits all” solution to winding up or transitioning a business. The attentive business succession planning attorneys at Altman & Associates understand your business is unique. Therefore, they treat you with personalized care and attention. But in order to provide appropriate legal counsel, a business owner must understand the goals and critical questions involved in business succession planning.
At Altman & Associates, we believe that the four most important goals of business succession are establishing: (1) a new management structure, (2) an ownership transition plan, (3) a strategy for dealing with the taxation ramifications of transitioning a business, and (4) financial security for you. This last part is particularly important, as you do not want to transition into an unstable financial situation. Gary Altman, Esq., the founder of Altman & Associates, is also a Certified Financial Planner™. He and his team help you understand potential legal ramifications of business succession for you, your family, and your business.
In order to understand how to formulate a plan for business succession, you should start considering the answers to a number of important questions, including:
- Do you know how you are financially going to achieve your retirement goals? You should identify a cash value for your retirement portfolio which represents a comfortable lifestyle.
- What is your business worth today? You must understand the cash value of your business in the market, not what it means to you personally. You need to understand the actual valuation so that you can understand the tax ramifications involved.
- What does your income stream from your ownership interest look like? Your value in your business is your ownership interest. You should determine how to receive the most monetary value in exchange for that interest, along with whether you need the money now or over time.
- Do you know how to sell your business and receive optimal tax treatment? You need to decide whether you want to sell to family, other owners, or a third party. When you make a decision, you must then structure the transaction to minimize your tax liability.
- Do you have a plan to provide for your family if something happens to you? You may choose from a variety of ways to sell your business or transition to your retirement. But is your business succession plan a part of your estate plan? You must ensure that your family is taken care of and supported through your business succession plan – regardless of what happens to you.
Our knowledgeable business succession attorneys help you answer these questions and come up with innovative, personalized solutions. We have the knowledge and experience to protect your life’s work.
Maryland business succession attorneysassist you in planning for a solid financial future
At Altman & Associates, our business attorneys provide the trustworthy guidance you need to determine next steps for your business and your future. We have convenient office locations in Columbia and Rockville. Contact us by phone at (301) 468-3220 or online to schedule a consultation.