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Business Law and Tax Attorney Peter Randolph Quoted in Maryland Daily Record on The Biggest Pitfall of Business Succession Planning

Posted August 1, 2024 at 10:06 AM

Business & Tax, MM&C Happenings, News & Events, Press

Miller, Miller & Canby’s Peter Randolph provided insight for a recently-published Maryland Daily Record article, “The Biggest Pitfall of Succession Planning is Not Having a Plan at All.”  The article focused on the critical importance of having a succession plan for business owners, and shared insights from Randolph and other business law attorneys.

“A solid succession plan, like other issues that face any business, is beneficial because it provides predictability,” said Peter Randolph, of Miller, Miller & Canby, a Rockville law firm whose specialties include business law and taxes.

Randolph, who spoke on the subject of succession plans at a recent Maryland State Bar Association conference in Ocean City, said having such a plan allows business owners to decide, among other things, who can own the business, who will have control to make decisions and how to limit the tax impact of a sale or other transfer of ownership.

Despite the value of a succession plan, most companies do not have one, Randolph said.

According to Randolph, “Death is the ultimate succession plan. Whether you plan for it or not, that day comes, and if you did not plan it will be a crapshoot whether the business and your family are able to continue to thrive. Sometimes it works out, but more often it does not.”

Read the full Maryland Daily Record article here (requires subscription).

Peter Randolph is a Principal in Miller, Miller & Canby’s Business and Tax practice group. His multijurisdictional practice is focused on taxation, business, and probate and trust administration. He advises small businesses on partnership and corporate taxation, corporate governance, buy-sell agreements, reclassification, restructuring and succession planning. With nearly two decades of comprehensive experience, he provides in-depth knowledge and expertise to craft effective strategies tailored to each client’s individual needs.  To learn more, contact Peter at pdrandolph@mmcanby.com or (301) 762-5212.

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