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Business Law Attorney Peter Randolph Quoted in Expanded Maryland Daily Record Coverage of Business Exit Strategies

Posted August 19, 2024 at 12:09 PM

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

Miller, Miller & Canby’s business law and tax attorney Peter Randolph provided insight for a recently-published Maryland Daily Record article: “Sometimes Liquidation is the Best Option When Closing a Business.”  The article pointed out that 60 percent of small businesses in the U.S. have no transition or succession plan. It outlined common exit strategies, which may include selling or merging the business, passing the business on to family members or employees, or even liquidation.

When working with clients, Randolph tries to ensure they plan for myriad contingencies, even ones they perhaps had not previously considered. “Many business owners come in with concerns for succession planning. They are concerned about the business and want to make sure their exit strategy makes sense for the company and their personal needs.”

Sometimes, things may happen over the course of time to shift previously-designed exit plans, such as divorce, disability or other “triggering” events. Business owners need to be prepared to evaluate and adjust, and as Randolph suggests make a commitment to “mapping out clear goals” which factor in financial, operational, legal and emotional considerations.

Randolph, who spoke on the subject of succession plans at a recent Maryland State Bar Association conference in Ocean City, MD, is a sought-after speaker and frequently quoted in press coverage on this topic. Read the full Maryland Daily Record article (subscription required).

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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