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
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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
Business succession planning and estate planning are often linked together, particularly in the case of closely held family businesses. In the case of a shareholder who wishes to pass along their shares of an S corporation as...more
Charitable organizations are dependent, in no small part, upon the financial support of many successful business owners. The generosity of these individuals and their organizations may be a manifestation of several factors...more
Most closely held businesses, whether organized as a C or S corporation, LLC or partnership, have (or should have) a buy-sell agreement. A buy-sell agreement addresses what happens to an owner’s interest in the business when...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
It’s not enough for the founder of a closely held business to have successfully established the business. The business has to grow, not only to increase profits, but also to make it more competitive and to diversify its...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
Death of a Parent- In the context of a family-owned business, it is often the case that the matriarch or patriarch of the family is also the chief executive of the business. They may have founded the business, or they may...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
As a family business owner, are you missing out on valuable estate and wealth transfer planning opportunities or jeopardizing your current plan altogether? Katten recently hosted a program that addressed common concerns,...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
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
We recently wrote about a window of opportunity to take advantage of the rising estate and gift tax exemption before it sets. It is becoming clearer that the window may be shutting fast. The opportunity to take advantage...more
It’s the great American dream: Build a great company and then sell it for enough money that neither you nor the ones you love will ever have to worry about finances again....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
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
Some of the most heartbreaking situations we see in our closely-held business and estate practices are families torn apart over differences in dealing with family-owned businesses. When there are problems with...more
1. Why is it important to have a discussion about buy-sell agreements in the context of estate planning? The ownership interest in a closely held business represents a substantial portion of an individual’s wealth. ...more