Maybe you’re simply eyeing new pursuits and challenges after a long and successful career as a business owner. Alternatively, it might be the case that health issues or some other family considerations are now weighing heavily on your mind. Perhaps you are looking with acute appreciation at the energies and talents of younger family members and feel that now is the right time to react accordingly.
What that might mean in all the above instances is a decision to let go, that is, to finally extricate yourself from the commercial enterprise you created, nurtured and drove to long-term success. Next-decade projections might now be supplanted in your thinking by business succession planning.
That’s easier said than done. As a business owner, though, you already knew that and would likely agree with the following statement on a relevant page of our website at David, Brody & Dondershine. We note at our established Northern Virginia commercial law firm that there are “many issues to consider” when it comes to transferring business interests, both upon an owner’s death or via an intergenerational shift in power and authority.
Proven and impassioned business attorneys readily embrace the chance to help valued succession-minded clients promote their interests via smart business arrangements and/or the employment of various estate planning strategies.
There are myriad ways to optimally put into effect succession plans, and a deep legal team can comprehensively explore them with a planner. Among other things, they range from a flat-out sale to a family individual/group or third party to the crafting of a buy-sell agreement that transfers interests. Partnerships, annuities and/or trusts might reasonably come into play.
Proven commercial attorneys can provide further information and diligent representation in succession-focused matters.