ASSISTING FAMILIES THROUGH DIFFICULT TRANSITIONS
Placing A Value On A Family Business In Divorce
A major challenge in complex divorce is the problem of valuing and dividing family businesses. These can include sole proprietorships, franchises, limited liability corporations and truly family-run businesses.
Businesses also include professional partnerships — medical, dental, veterinarian, legal, architectural or accounting practices, to name a few. Everything must be valuated: physical assets, goodwill, accounts receivable, works in progress and contingent fees.
Properly Valuing A Business In Divorce
As your lawyer, we do not do the actual valuing. We work with specialists with the skills and objectivity to make a valuation in line with your interests — appraisers, CPAs or business brokers.
The options available to the divorcing couple are to stay in business as co-owners, for one side to buy the other side out, or for both of you to sell the business outright and split the proceeds.
Dividing a business down the middle is seldom what either side wants. Better to keep the business open and operating and generating revenue. It is often possible to do that by trading other assets on the list of marital properties. When a business does have to be sold, our lawyers at Mowery Youell & Galeano, Ltd., work to avoid negative tax consequences, and to make hiring and inventory decisions that will work to your favor.
The Importance Of Doing Property Division Right
It is most important to work with a divorce lawyer with a firm grasp not just on business but on the industry you are part of. Our extensive experience with every kind of business equips us with the experience and knowledge specific to your business to obtain the best outcome for you.
To discuss division of your business and your options, contact one of our attorneys. From our office in Dublin, we represent clients throughout the Columbus metro area and central Ohio. You may call us at 614-467-4923, or email us specific questions.