Northern Virginia Business Succession Planning Attorneys
Knowledgeable Northern Virginia attorneys help you create effective plans for the future
While many business owners may be hesitant to think about the time when they will no longer be part of a business they helped create, a solid succession plan is necessary to protect the legacy of your business.
Every business is unique, requiring a unique succession plan to effectively pass the torch. The Northern Virginia succession planning attorneys at Altman & Associates work with northern Virginia business owners, asking in-depth questions to understand the dynamics of their business and to carry out their desired plans for the next stage of the business.
Strategizing an exit
One of the first decisions that a business owner needs to make is to consider when he or she wants to exit the business. This may be at a specific date, based on a preferred retirement age. The business owner may want to gradually step away from the business, slowly giving or selling away his or her ownership interest. Other business owners may prefer to stay in the business until they can no longer physically or mentally do so.
While part of the decisions related to an exit date are based on your preferences, financial aspects of the business also play a critical role in these decisions. A business owner will not want to step away from an income stream that he or she requires for self-support and the support of his or her family without a strong plan in place or a large enough sales price that will last for years to come. Knowing the true value of a business is a necessary component to getting the most out of it as possible. Likewise, the owner’s other retirement funds partially dictate when an exit is practical.
Creating a plan
Formulating a succession plan requires careful consideration of a number of factors. It is important to consider the new management structure. Someone who currently works in the business may be the ideal person to take the business to the next generation. In other cases, an outside investor may be able to infuse additional funds into the business that would take it to the next level.
An important consideration is the tax implications of any sell or transfer. Our business succession attorneys keep their mind on the optimal tax treatment for the business. We help you minimize your tax liability so that you net the greatest return for the transfer by developing a strategy for dealing with the tax ramifications.
Skilled Northern Virginia business succession attorneys establish an effective plan for your business
At Altman and Associates, our knowledgeable Northern Virginia business succession attorneys provide trustworthy guidance to help you determine how you want to plan your exit from your business. We have the knowledge and experience necessary to protect your best interests. We identify potential challenges and work with you to create an innovative, personalized solution. Contact us at (301) 468-3220 or online to schedule a consultation.