Daniel Mendelsohn, a partner in Venable’s corporate law practice, was featured in the Maryland Daily Record. In the piece, “The biggest pitfall in succession planning is not having a plan at all” by Pete Pichaske, Mendelsohn highlights that succession plans are not as common as they should be.
In the July 22 article, he noted that “Most businesses see such a plan as a cost. Spending on succession planning doesn’t increase revenue.” He added: “I try to get my clients to think of it more as insurance. Good succession planning can allow for seamless transitions when the time comes.”
Mendelsohn stated that “a good succession plan should include four elements, Mendelsohn said: control, ownership, liability and taxes.”
Read the full article here.