Reston, Virginia (webnewswire) March 8, 2019 – The Northern Virginia business law attorneys at Odin, Feldman & Pittleman PC recently released a blog explaining the process and importance of business succession planning. Successful business succession planning allows founders to transfer ownership of their business to another party prior to retirement, providing for both the company and founder’s secure future.
The first step in creating a business succession plan is selecting a successor. This person can be a trusted family member, business partner, or other person capable of successfully running the business after it has been transferred to them. Next, develop a training program to ensure that this person understands all of the company’s operations, including any projects currently in process or future goals and commitments. Set timetables to determine when each stage of the transfer process should be completed and when the business will be fully transferred. Then, you can begin to plan your own retirement, including your level of involvement in the business going forward and any other legal decisions. Finally, the plan can be executed and the business transferred to your chosen successor.
The business succession process is detailed and time consuming, leaving a large margin of error for people who choose to create their plan without the help of a business law attorney. An attorney who is more familiar with the legal requirements surrounding business succession planning can therefore be a prudent investment. The attorney can prepare and submit paperwork, oversee the execution of the plan, and reduce liabilities thanks to their specialized knowledge of the process. A qualified attorney can also ensure that the process is completed more quickly, allowing you to transfer ownership and successfully secure your company’s continued operation before you settle into retirement or other ventures.
Speak to the business law attorneys at OFP Law for more information. The firm has years of experience in assisting business owners throughout their lifetimes and that of their businesses. Its areas of practice include bankruptcy, employment, labor, mergers and acquisitions, intellectual property, corporate, and tax law, among other areas of expertise. OFP Law can be contacted online at https://www.ofplaw.com/ or by phone at 703-215-2913. Its offices are located at 1775 Wiehle Avenue, Suite 400, Reston, VA 20190.