Andrew Steen

Andrew Steen

Davis Wright Tremaine LLP

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Managing the Generational Transition

Almost by definition, a family-owned business consists of multiple generations of owners and operators. The different generations may have different visions for the business, but they are usually all aligned on wanting what...more

7/5/2016 - Business Succession Corporate Governance Family Businesses Succession Planning

2016 NACD Private Company Governance Survey Results

The National Association of Corporate Directors (NACD) recently released its 2015-2016 NACD Private Company Governance Survey. In an article in the March 2016 edition of “Private Company Director” – a monthly publication...more

4/25/2016 - Board of Directors CEOs Corporate Governance Family Businesses National Association of Corporate Directors (NACD) Privately Held Corporations Surveys

The Results Are In!

Each year, our colleagues at the Pacific Family Business Institute (PFBI) conduct a survey of approximately two hundred family business leaders in the Pacific Northwest. They ask about topics such as growth, succession...more

1/14/2016 - Business Ownership Family Businesses Governance Standards Succession Planning Surveys

Family Business in China – Is There A Succession Crisis?

In September, Gary Locke, former U.S. Ambassador to China, Secretary of Commerce and two-term Governor of the State of Washington, returned to Davis Wright Tremaine as a Senior Advisor. Ambassador Locke’s return sparked a...more

10/28/2015 - China Corporate Culture Family Businesses

Washington LLC Act: How Family Businesses Are Affected

Embracing change is tough, because it rarely hugs you back. But the recent changes to the Washington State LLC Act (RCW Chapter 25.15) at least have some provisions that are affectionate toward family businesses and LLCs in...more

10/22/2015 - Family Businesses Fiduciary Duty Limited Liability Act Limited Liability Companies Limited Liability Partnerships Voting Requirements

Family Businesses Outperform Publicly Traded Companies

In late 2012, researchers Nicolas Kachaner, George Stalk and Alain Bloch at the Harvard Business School published a study to compare family-owned businesses of certain sizes and industries with their non-family-owned...more

10/13/2015 - Covered Entities Family Businesses Performance Period Publicly-Traded Companies

Structure, structure, structure

In reading Andrew Keyt’s piece about family businesses (recently published on FoxNews.com), “structure” was the one word that continued to resonate for me. Mr. Keyt never used the word “structure” but his advice to family...more

9/15/2015 - Business Development Closely Held Businesses Family Businesses

Five Legal Documents Every Family Business Should Have (and Use)

Every business is different. Certainly, every family is different. But family businesses, as a group, share certain challenges and opportunities. In order to ensure their businesses survive, thrive and grow, leaders of family...more

9/1/2015 - Buy-Sell Agreements Corporate Governance Employment Policies Estate Planning Family Businesses Shareholders' Agreements Small Business Succession Planning

The Pressure of Stepping into the Family Business

First and second generation family business owners spend an inordinate amount of time focused on building and preserving their family legacy. This is hard, hard work. For starters, it means not only growing the business and...more

8/11/2015 - Family Businesses

Financial Statements for the Family Business: What is “Assurance” and How Much Do You Need?

Your family-owned business is growing and growing. In fact, you’re concerned it is outpacing the quality and rigor of your financial and accounting bookkeeping. At an industry event, a colleague asks if you have audited...more

4/20/2015

Deferred Payments and Earnouts – A Potential Source of Family Discord

Let’s assume you are selling the family business. In order to get the best terms and price, you may not be able to negotiate the full purchase price in cash up front. More likely, some portion of the purchase price will be...more

9/24/2014 - Family Businesses Sale of Assets

Does “Hobby Lobby” Apply to My Family Business?

On Monday, June 30, 2014, the United States Supreme Court ruled that “closely-held” for-profit companies could be exempt from the Affordable Care Act (“ACA”) requirement to offer birth control coverage to their employees. As...more

7/17/2014 - Affordable Care Act Burwell v Hobby Lobby Closely Held Businesses Contraceptive Coverage Mandate Contraceptives Employer Liability Issues Employer Mandates Family Businesses Hobby Lobby Religious Freedom Restoration Act SCOTUS

Family-Owned Business IPO?

A family business does not go public. Going public and sharing ownership with the rest of the world is the opposite of what a family business is striving to do. But the Modesto Bee reported earlier this week that...more

5/15/2014 - Choice of Entity Family Businesses IPO Small Business

What is Family Business Law?

Family business law is not a substantive specialty like mergers and acquisitions, securities laws, trusts and estates or federal tax. In fact, a good family business lawyer will probably identify first and foremost as a...more

3/7/2014

Keeping Ownership in the Family

As a family enterprise, your business runs best if it is owned and managed by the family. So it is in everyone’s interest to make sure no family member can transfer ownership outside of the family. To do this (and do it...more

2/27/2014 - Buy-Sell Agreements Capital Gains Family Businesses Right of FIrst Refusal Shareholders' Agreements

Leading the Family

Selling or transitioning a family business can be a daunting task – especially for those individuals trying to lead the process on behalf of their family. The challenges can result from the multiple owners and stake-holders...more

2/11/2014 - Family Businesses

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