Business Succession

News & Analysis as of

The Next Generation

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

NLRB Decision Potentially Expands "Perfectly Clear" Successorship Rule

The National Labor Relations Board (NLRB) issued a decision in Nexeo Solutions, LLC earlier this week, ruling that the buyer in an asset purchase of the seller’s business was a "perfectly clear" successor. As a result, the...more

Who Will Be The Owners of Law Firms in the Future?

We are often asked what we think law firms will look like in the future. What will the leverage model be? Will the Equity Partner class be larger or smaller? How will the changes in the business impact staffing? These are all...more

Eighth Circuit Finds Non-Competition Agreements Assignable to Successor Employer in Asset Purchase Without Employees' Consent

The United States Court of Appeals for the Eighth Circuit recently held that a successor employer, who was assigned non-competition agreements as part of an asset purchase, could seek to enforce the non-competition agreements...more

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

Deductibility of Transaction Costs for a Target Company: No Safe Harbor in Deemed Asset Deals

On June 10, 2016, the Internal Revenue Service released a Chief Counsel Memorandum dated July 8, 2015, addressing the issue of whether a target S-corporation, which participated in a transaction in which the parties made a...more

Top 10 “Must Do’s” Before Selling Your Business

After years of hard work, day after day, night after night, you have decided to part with your “baby”— sell your business. It can be one of the most difficult decisions of your life, and one of the most consequential. ...more

Recap: Powell’s Book’s | The Rise of an Empire

“If you give the business to my brother, you will never see your grandchildren again.” When Michael Powell heard that description of a family business succession plan gone wrong from another family in the area, he...more

Tax Court Affirms Use of Intergenerational Split-Dollar Arrangements

The Tax Court, in its decision earlier this month in Estate of Morrissette, examined intergenerational split-dollar arrangements between a mother's revocable trust and three irrevocable dynasty trusts, one established for...more

Estate of Clara M. Morrissette Secures Victory in Groundbreaking Estate Tax Case

In a case of first impression, the United States Tax Court ruled in favor of a taxpayer whose estate planning focused on the preservation and succession of a 70-year-old family-owned business. In Estate of Clara M....more

Ten Tips for Preventing Feuds from Wrecking Your Family Business

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

The Use Of Trusts In Business Succession Planning

The transition of a family owned or closely-held business is an important event for estate planning clients. Historically, the use of trusts has played an important role in business succession planning. Recent changes to the...more

Fold ‘Em or All-In? A Dealer’s Guide to Succession Planning

Bet, fold, bluff, raise, and all-in. These are all common words when playing a game of poker, or as some call it, Texas Hold’em. Would you believe that just as with playing poker, these words could also be used when talking...more

Getting Succession Right: Remember – It’s Personal

In multiple posts over the last several weeks, including “Succession Planning Challenges – No Surprises Here” and “The Impact of Succession Challenges in Smaller Markets”, my partner, Mike Short, has explored various aspects...more

Life Insurance's Role in Family Business Planning

Family business planning is best served by having a knowledgeable advisory team, and a good team includes an expert on insurance. We found an article discussing the role of life insurance in family business planning in a...more

The Impact of Succession Challenges in Smaller Markets

Last month I wrote about the succession planning challenges that many firms are, or will soon face. Based on what we’re hearing and seeing, there are a lot of law firms with a lot of client relationships and brainpower at...more

Ten Tips for a Successful Business Succession Plan

Passing along a family business can be tricky business. There are a variety of legal, tax, and emotional issues that can complicate the process. A well thought out plan made far in advance of the events requiring the plan is...more

Don’t Put Off Succession Planning for the Family Farm

With the fall harvest complete for most farmers, now is a good time to give some thought to an estate plan and farm succession plan. As farmers know, maintaining a profitable farm operation is difficult. It can become a...more

Business Succession Planning - February 2016

The transition of a family owned or closely-held business is a significant undertaking even with the best laid plan. This article will outline the issues that should be considered by the business owner in transitioning a...more

Something’s in the Air…

The creative and entrepreneurial juices in the legal industry are boiling in the early days of 2016, particularly in the litigation space. One month into the New Year, there have been at least four high-profile boutique...more

Business Succession Planning - January 2016

The transition of a family owned or closely-held business involves a variety of legal and tax issues. This goals of this process, however, should be focused on issues that are just as important – if not more important – than...more

Business Succession Planning: The Time is Now

Family-controlled businesses comprise between 80-90 percent of all business enterprises in North America. And while it is estimated that nearly 40 percent of family businesses are passed successfully to a second generation,...more

Planning For The Unexpected Departure Of A Business Owner

In the business world, the unexpected can happen. That is just a fact of life. There are many ways this principle can apply, but we’ll speak here specifically about the unexpected departure of a business owner or corporate...more

Business Succession Planning in the Current Tax Environment

Business succession planning in the current tax environment may require an adjustment in thinking from traditional planning. Traditional planning usually attempts to transfer ownership of the business to the next owner (often...more

The LLC Operating Agreement - Why Is It Important And What Should It Say?

An LLC is a fairly limitless business form. Generally, an LLC can be and act in any number of ways, tailored to how you want your company to operate. The Kentucky LLC statute provides several gap-filler provisions, but most...more

30 Results
|
View per page
Page: of 2
JD Supra Readers' Choice 2016 Awards

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×