Success Story: Relationships That Succeed

June 18, 2021

Lanigan Ryan was working with the owner of a construction company at a point when he decided that it was time to transfer his business to his son. We sat down with the owner and discussed what he wanted and needed from the transition.

After considering many options and having known the father/son duo for over a decade, we determined that the best possible solution would be to set up a new entity and an asset sale from the old entity to the new one, Lanigan Ryan handling the intricacies of both the entity setup and transaction.

The plan focused on a clean, easy transition from father to son, allowing the father to set his son up for success while also providing him what he needed from the exchange. The transition was planned to minimize the tax implications of the sale and protect company assets, while considering the interests of any additional stakeholders.

The son was then able to focus on the company’s future, deciding to grow the company. Lanigan Ryan continued to work with the son to double the business in the following 3 years and triple the business in 5 years.

Insights

Virginia Pass-through Entities Tax Election Update

Insights

Maryland Launches Mandatory Retirement Program ‘MarylandSaves’ for Maryland Businesses

Insights

Automatic Tax Relief from Certain Filing Penalties, Taxable Years 2019 and 2020