News & Analysis as of

Family Businesses

Best in Law: It's a Family Affair! How to Avoid the Pitfalls - Six Legal Tips to Running a Family Business

by Best Best & Krieger LLP on

Many successful businesses are family-owned. There is an unmatched pride that comes from building a business that has the capability of being passed down through generations. Yet, a family business faces unique challenges....more

Appraisers’ Valuations Are Light-Years Apart, But Does That Make Them Hired Guns?

by Farrell Fritz, P.C. on

The title of this post notwithstanding, the judge’s decision in the recent, high-stakes stock valuation case I’m about to describe, featuring a clash of business appraiser titans whose conclusions of value differed by almost...more

Unreasonable Compensation & The Family Business

by Farrell Fritz, P.C. on

“Add-Backs”- In the course of valuing a target business, a potential buyer will want to develop an accurate picture of the target’s earnings and cash flow. In doing so, the buyer will try to normalize those earnings by...more

Mezzanine Financing for Family-Owned Businesses

by Davis Wright Tremaine LLP on

On June 6, 2017, Davis Wright Tremaine LLP hosted the latest edition of our Family Business Study Group, where David Levine of Prudential Capital Group and Hugh Campbell of Cascadia Capital spoke about using mezzanine...more

Diving into Family Philanthropy (Segment IV): Family Philanthropy – Where to Begin?

In our previous posts on family philanthropy, we addressed the benefits of family philanthropy, choosing the right giving vehicle, and investing for impact. In this final post in our four-part series, we discuss how to get...more

New Ideas for Old School Companies

by Davis Wright Tremaine LLP on

On June 1, 2017, Davis Wright Tremaine LLP hosted its 5th annual Farm to Label Summit, bringing together food and beverage industry leaders, investors, and entrepreneurs. The program included a series of interactive panel...more

Update on Bill 17: The Fair and Family-friendly Workplaces Act

by Field Law on

Bill 17: The Fair and Family-friendly Workplaces Act became law on June 7, 2017, when it received Royal Assent. As noted in our earlier Alert, which set out the highlights of the Bill, the effective dates for each Part of the...more

Diving into Family Philanthropy (Segment III): Making your family foundation’s assets work as hard as its grants

Family foundations that distribute grants to worthy charitable organizations to accomplish their philanthropic goals are a familiar part of the charitable landscape. While grant making is an important part of the work of...more

Event Recap: No Longer Just a Matter of Taste: Strategic Innovation in the Food Industry

by Davis Wright Tremaine LLP on

Meridian Capital LLC recently hosted, “No Longer Just a Matter of Taste: Strategic Innovation in the Food Industry,” a panel discussion featuring some of the Pacific Northwest’s most innovative food brands. The panelists...more

“Food Fight” Sequel Ends Badly for Ousted Sibling

by Farrell Fritz, P.C. on

A little over three years ago I reported on the first round of a fascinating “food fight” among four siblings, each of whom is a 25% shareholder of a Brooklyn-based, second-generation food distributor known as Jersey Lynne...more

Estate Tax Changes Past, Present and Future

by McGuireWoods LLP on

I. INTRODUCTION - This outline is a selective and evolving review of the history of the modern federal estate tax. It originated during the attempts to repeal the estate tax in President Clinton’s second term 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

Diving Into Family Philanthropy (Segment II): What giving vehicle is right for your family?

We recommend waiting to choose a giving vehicle (or vehicles) until you have a clear sense of your family’s philanthropic objectives. Once identified, those philanthropic goals, in addition to tax and operational...more

Thinking About Expanding Your Business?

by Ruder Ware on

Flyte Family Farm in Coloma has grown a lot over the years. Not only has Flyte grown tons of crops, but Flyte has also grown its business, which has expanded to five greenhouses and 3200 acres....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

How Long Is Too Long for a CEO?

by Davis Wright Tremaine LLP on

Bill Marriott Jr. sat down for an interview recently with family business consultant Andrew Keyt and the Wall Street Journal’s Kate Linebaugh. The real impulse for the article was Mr. Marriott’s decision to reach outside the...more

Do You Have an Enforceable Contract for the Sale of Family-Owned Business Interests or Just an Agreement to Agree?

by Murtha Cullina on

Family members often transfer family-business ownership interests or other assets between each other. Their discussions sometimes progress from informal negotiations to a written term sheet to a final written agreement....more

Can I Leave My Family Business to a Minor Child?

Let’s say you have a thriving family business that you have built through your own hard efforts during your lifetime. You are raising your minor child to see the value of the business and to be entrepreneurial, and you want...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

If You Expect to Work in the Family-Owned Business for Life, Be Sure to Get It in Writing

by Murtha Cullina on

Family-owned businesses often employ multiple family members. Even if there is an expectation that employment will continue indefinitely, the company and the family member employees both usually reserve the right, explicitly...more

Litigation Alert - "L.A. Lakers Story: When a Family Feud Disrupts the Family Business"

by Porter Hedges LLP on

A family-owned business brings with it a unique set of issues and complicated family dynamics can often result in major difficulties. Sports franchises are not immune. As the NBA playoffs continue (Go Rockets!), the family...more

Pay Attention to Bylaws When Taking Corporate Actions

by Murtha Cullina on

All too often, family businesses are run in an “informal” fashion, with insufficient attention being paid to corporate formalities, including requirements set forth in a corporation’s bylaws. The Delaware Chancery Court...more

Benefits of Family Philanthropy: A Real World Example

In our current series of blog posts, Diving Into Family Philanthropy, we are exploring the choices available to families that wish to engage in family philanthropy....more

How Leaders Shape Culture

by Saul Ewing LLP on

St. Joseph's University's Initiative for Family Business and Entrepreneurship hosted business consultant Jeff Grimshaw at its Dine With The Dean breakfast meeting on Thursday, April 20. After remarks by the Dean, Joseph...more

Corporate Formalities Matter in the Transfer of Shares of Family-Owned Businesses

by Murtha Cullina on

Shares in family-owned businesses are often transferred between family members, whether through a sale or gift during a shareholder’s lifetime or through inheritance after an owner’s death. The parties to such a transfer...more

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