News & Analysis as of

Business Succession

The return of the kin liability (Sippenhaft) – Liability of parent companies after the 9th amendment of the German Act against...

by Hogan Lovells on

The Middle Ages are regarded as the golden age of the kin liability (Sippenhaft) in Germany. According to the principle of kin liability, family members had to stand up for the actions of their relatives, regardless of...more

Law Firm Survival and Succession Planning – 3 Steps

by Hayse LLC on

Succession and succession planning are hot topics in the legal profession. One statistic explains the focus on the topic – only about 30% of law firms make it beyond the first generation....more

Life insurance planning for the business owner

by Thompson Coburn LLP on

Life insurance is an effective tool that business owners can use to provide liquidity at their passing for both their businesses and their families. Having a properly drafted buy-sell agreement is key to avoiding conflict and...more

Passing the Baton: Lessons Learned

by Davis Wright Tremaine LLP on

On May 16, 2017, Davis Wright Tremaine LLP hosted 85 owners and managers of family-owned businesses at the latest edition of our Family Business Legacy Series. Mike Garvey, the co-founder of Saltchuck Resources, a...more

Succession Planning—Bet the Farm on It

by Ward and Smith, P.A. on

Despite recent trends toward consolidation in the agricultural industry, farming generally remains a family affair. According to the United States Department of Agriculture, 97 percent of all farms in the United States are...more

Construct the Proper Succession

In the construction world, the parties spend a lot of time planning the project before it starts. Typically, such careful planning allows for the project to go as smoothly as possible. Having a project go according to plan...more

Top Trends in Business Law that You Need to Know for 2017

by Fraser Trebilcock on

Macy’s and Kmart are each closing a Lansing, Michigan location – but did you know that in general, retail spending is up? It’s easier than ever to collect customer data, but business owners beware: you need to...more

Stretch out estate tax on business interests

Frequently, heirs of successful entrepreneurs are forced to sell off business interests at “fire sale” prices to help pay federal estate taxes. To alleviate the tax strain, Internal Revenue Code Section 6166 allows heirs to...more

Ron Aucutt’s “Top Ten” Estate Planning and Estate Tax Developments of 2016

by McGuireWoods LLP on

In an always-anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax...more

Success in Succession: Using Strategic Planning to Address the “Missing Middle”

by Davis Wright Tremaine LLP on

Typically, only 12% of family businesses reach the third generation, and as little as 3% make it past the fourth generation. According to PwC’s recent global survey of over 2,800 family businesses in 50 countries, these...more

Trust and Estate: Family Feud — Hollywood May Call It Entertainment But It Is No Laughing Matter for Family Businesses, Part II...

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

Shares Held by Japanese Company that Merged with Another Are Transmitted Not Transferred

by Allen & Overy LLP on

In JX Holdings Inc v Singapore Airlines Ltd [2016] SGHC 212 (29 September 2016), the Singapore High Court had to consider whether the Singapore shares held by a Japanese corporation that had merged with another Japanese...more

SJU Program: Educating and Engaging the Next Generation

by Saul Ewing LLP on

The Initiative for Family Business and Entrepreneurship at St. Joseph University's Haub School of Business presented another interesting program for family businesses on October 27, 2016. The program, which was part of a...more

Corporate E-Note - October 2016

by Burr & Forman on

On November 30, 2016, Burr's Women in Business is sponsoring a panel discussion on "Cybersecurity: Are You At Risk?" at Five Rivers Delta Resource Center in Spanish Fort, Alabama. The panelists include Ed Castile, Deputy...more

Proposed Regs May Limit US Estate Plan

by Hodgson Russ LLP on

On August 2, 2016, the US Treasury issued long-awaited pro- posed regulations under Code section 2704 that make comprehensive and very significant changes to the valuation of interests in many family-controlled entities for...more

Successfully Selling Your Business: 4 Tips – No Matter the Buyer

by Gray Reed & McGraw on

Among the growing number of business owners looking to sell their business, JR and Sue Ellen Pawlenty are in the market to sell their company Pawlenty Energy. Recently Tilting the Scales highlighted Successfully Selling Your...more

Proposed regulations will significantly impact the valuation of interests in many family-controlled entities

by Dentons on

New rules have been proposed by the Internal Revenue Service (IRS) which would regulate the valuation of transfers of business interests between family members. Based upon recent interpretation, it appears that the IRS is...more

Valuation Discounts to Family-Controlled Entities in Peril Under Proposed IRS Regulations

by Varnum LLP on

On August 4, the Internal Revenue Service finally issued much anticipated proposed regulations under Section 2704 of the Internal Revenue Code, which regulations are intended to significantly limit taxpayers' ability to apply...more

Trust and Estate: Family Feud — Hollywood May Call It Entertainment But It Is No Laughing Matter for Family Businesses, Part I...

INTRODUCTION - There are over five million family owned businesses operating in the United States.1 The Small Business Administration has indicated that over 90% of all businesses operating in North America are family...more

Perils in Family Business Succession: Dynasty or Meritocracy?

by Davis Wright Tremaine LLP on

Big family business conglomerates can get into big trouble when impacted by negative global market forces. That’s the story of Hanjin Shipping Co., a family-owned Korean shipping company (and part of a large Korean chaebol,...more

Proposed Tax Regulations Limit Availability of Valuation Discounts to Family Business Owners

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

IRS Proposes New Rules Designed to Restrict Valuation Discounts in Family Transfers

by McNair Law Firm, P.A. on

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

The Importance of Buy-Sell Agreements

by Ruder Ware on

When business partners form a company and get started in their new venture, optimism and opportunity are usually in full supply. At that point, it is only natural to avoid thinking about some difficult questions about the...more

Proposed Treasury Regulations Regarding Valuation Discounts for Transfers of Family-Controlled Entities, if Enacted, Would Apply...

by Dechert LLP on

After years of anticipation, the U.S. IRS recently issued Proposed Treasury Regulations that would, if enacted in their current form, substantially eliminate most valuation discounts for family-controlled entities and result...more

Bussiness Litigation Alert: "When It's Time for the Next Generation to Take Over - Lessons from Viacom, Inc."

by Porter Hedges LLP on

What happens when a company's strong, charismatic leader can no longer run the day-to-day operations due to failing health, personal issues, or the like? If the business has a transition plan in place, the company has been...more

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