The use of a commercial lease to rip off minority owners in a closely held business
The Informed Board Podcast | CEO Succession Planning on a Clear Day
Succession Planning to Safeguard Your Law Firm’s Future: On Record PR
Law Brief ®: Alan Gaynor and Richard Schoenstein Explore Business Divorce
Episode 8: Minority Oppression in the LLC: Interview With Professor Douglas Moll
In the months preceding the general election in 2024, the owners of many closely held businesses who had not yet given much thought to the disposition of their future estates, including their businesses, decided they should...more
Legacy management is an age-old business that has not changed in decades. We propose moving away from an episodic, transactional delivery model and removing siloes between a family’s advisors – allowing for a proactive,...more
“I love you, but you are not serious people.” This is the curse that Logan Roy, the founder and business titan of Waystar RoyCo, intones to his three stunned children during a poignant family moment. The three siblings...more
Thoughtful succession planning can pave the way for a smooth transition and a thriving future for a company and its stakeholders. Here are a few techniques that business owners should consider....more
Many successful business owners devote their lives to establishing, building, and maintaining a successful business. However, few successful business owners have properly considered what will happen after they are gone, and...more
Every business should have documentation that confirms its ownership, management, and governance structures. If the business has more than one owner, the documentation should address transfers of ownership interests and...more
Over the past three seasons, fans of the hit HBO series Succession have had an entrée into the fabulous lifestyles enjoyed by members of the Roy family and a front-row seat from which to observe the myriad succession...more
Sibling Rivalry- You have probably encountered family-owned corporations in which the founder’s offspring are involved in the business to varying degrees. They may even own some equity, typically having received such equity...more
Closely-held businesses come in all shapes and sizes. Some owners own 100% of their businesses. Some have partners. Some have children in the business. Some do not. A common question that a client asks the business and...more
Like humans, businesses have a life cycle. And, just like us, major focus is put on the beginning and middle stages of the life cycle, with many people putting off late stage planning until it is too late. Clients often put...more
Transition planning to a family member or other “insider” requires time and forethought to successfully handle both the financial and operational considerations of a family or closely held business. Transitioning ownership...more
A Time for Planning? It’s late August – again. As usual, many business owners are looking forward to having all of their employees back at work and ready to make the final push for a successful year. Others, nearing...more
The family farm has always been unique from an estate-planning perspective. Unlike many traditional businesses, a farm business typically holds a disproportionate amount of illiquid assets such as real estate, equipment,...more
Why is it important for a family-owned business to have a succession plan in place? - Often the family business is the family’s largest asset. It is the parents’ retirement fund, the next generation’s opportunity to...more
Finishing a best-year-ever 2018 and being questioned daily by his second wife Anna Nicole about making her children officers and owners of the family business Buxboro State Bank, Big Daddy Ernest Bux concludes, at 65 years...more
This is the fourth article in a series about transitions and transactions for midsized companies... Karen Albritton: Growing up in a family business, and now advising closely held companies as a consultant, has given me an...more
You’ve built a great business. You want to do the smart work of planning for an orderly succession and transition to the next generation of leaders and owners. You’ve planned well and have financial flexibility. Some...more
Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs without thoughtful planning. Consideration must be...more
Owners of family-owned corporations often enter into shareholder agreements that spell out whether and to whom corporate shares can be transferred. Frequently, these agreements provide for rights of first refusal by the other...more
INTRODUCTION - As discussed in Part One of this article, statistics show that most family-owned businesses fail after a generation or two. Specifically, only 30% of family-owned businesses survive the transition from...more
For family business owners who desire to transfer ownership of part of their business to the next generation, the valuation of the business interest is often an important factor to consider. This is especially true for family...more
Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put – including pooling of family assets, succession planning, asset protection,...more
It's August of an election---year, and not just any election---year, a presidential election year. So, in less than 80 days, we'll all go to the polls and elect a new president. While Benjamin Franklin might have been right...more
The ability to use transfer and liquidation restrictions in legal documents to reduce the value of an interest in a family-controlled (or “closely-held”) business entity (e.g., partnership, corporation, limited liability...more
Earlier this month, the U.S. Department of the Treasury unveiled its long-awaited proposed regulations targeting valuation discounts commonly used in estate planning, thereby overturning decades of settled law. As drafted,...more