Everything You Ever Wanted to Know About Buy-Sell Agreements: A Conversation With Expert and Author Paul Hood
Buy-Sell Agreements and Their Place in an Asset Protection Plan
Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is simply a myth which does not reflect the nature of business or home ownership....more
In the world of farming and ranching, ensuring your land's future is vital. That's where agricultural estate planning comes in. It's all about smoothly transitioning your farm or ranch to the next generation, maintaining its...more
If you are the owner of a business that does not have a buy-sell agreement in place, or you have not reviewed your buy-sell agreement recently, it may be time to sit down with your attorney. Buy-sell agreements can be complex...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
Business owners: Now’s the time to revisit buy-sell agreements - If you own an interest in a closely held business, a buy-sell agreement should be a critical component of your estate and succession plans. These...more
If you’re a small business owner, you probably don’t have a minute to spare in your busy workday, especially if you’re struggling to recover after a turbulent 2020. Estate planning may be one of the last things on your mind. ...more
This article discusses the family business succession planning process and the changes we can expect to see in the remaining months of 2020, including the impacts of COVID-19 and the November elections....more
A buy-sell agreement provides for the disposition of each owner’s business interest after a “triggering event,” such as death, disability, divorce, termination of employment or withdrawal from the business. However, to be...more
IN BRIEF - The sale of a family business or any business with multiple owners creates potential conflicts among the owners as well as potential issues for the attorney representing the sellers. Among these issues are...more
According to statistics, only about 30 percent of family businesses survive to the second generation, and only about 10 to 15 percent survive to the third generation....more
If your family business has or anticipates having more than one owner, you need a Buy-Sell Agreement. A Buy-Sell Agreement governs the terms and conditions under which ownership interests in the enterprise may be transferred....more
Deducting Miscellaneous Itemized Deductions - You can elect each year to itemize deductions rather than claim the standard deduction. Itemized deductions are those that you claim on Schedule A of Form 1040, Itemized...more
I’ve been asked the same simple question time and time again by clients who are faced with litigation – How did this happen? Sometimes they are referring to a looming dispute over large accounts receivable, employee...more
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
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 transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession plan. This article will...more
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
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
Introduction - The transition of a family owned or closely-held business is an important event for families. In a prior article, we covered the issues that a business owner faces in general in preparing a succession...more