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Succession Planning

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

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s troubles over the past few months have been well documented (here, among many other places). Still, this weekend’s news that the ride-hailing company’s board is considering a three-month leave of absence for CEO Travis...more

Hope For the Best, Prepare For the Worst: How to Effectively Manage the Perpetual Risk of Employee Loss

by Miles & Stockbridge P.C. on

Inevitably, all businesses must deal with employee turnover and the departure of key employees. Such departures have become more frequent of late, as the economy is again on the rise, more jobs are available, the unemployment...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

Day 12 of One Month to Better Compliance through HR-Succession Planning Around Compliance

by Thomas Fox on

Another area where compliance can play a key role is in succession planning. Succession planning is just as important as governance, enterprise risk and strategic oversight. In other words, it is just as important. Sadly,...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

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

Identifying and Managing Corporate Risk from Internal and External Stressors

by Tucker Arensberg, P.C. on

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

Episode 7: Conflict in the Family-Owned Business: A Conversation with Professor Benjamin Means

by Farrell Fritz, P.C. on

As many litigators will tell you, “business divorce on steroids” aptly describes the tenor of litigation that can erupt when members of a family-owned business have a falling out. No one has devoted more scholarship to the...more

Four Signs Your Law Firm is Not Ready for Leadership Succession

by Hayse LLC on

At many law firms that recognize the need for succession planning, preparation for leadership succession receives too little attention. Succession planning can languish for various reasons. In some instances, the press of...more

An Oppression How-To: Revoke Employment, Profit Sharing and Control

by Farrell Fritz, P.C. on

An earlier post on this blog, examining a post-trial decision in Matter of Digeser v Flach, 2015 NY Slip Op 51609(U) [Sup Ct Albany County Nov. 5, 2015], described the minority shareholder’s dissolution claim under Section...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Measuring growth according to GDP. It’s how we’ve always done it, but here’s an interesting argument that the transition to an online services-based economy may mean that we’re underestimating growth by as much as 2 percent...more

10 Questions That Need Answers for a Successful 2017 (and Beyond)

by LawVision Group LLC on

At about this time last year, I wrote a blog about 10 Projects That Can Produce Big Results in 2016. My goal was to get each reader’s firm to focus on one signature project from a “menu” of options that would have a positive...more

Succession Planning Not Discriminatory

by Sherman & Howard L.L.C. on

A federal district court has ruled that instructing an HR Director to “adapt to bring out the best in our new and younger employees” was not evidence of age-based harassment. Vontlintel v. Eagle Comm., Inc. No....more

Your Business Plan Will Sell Your Business

by Gray Reed & McGraw on

This is the last installment of a series discussing potential pitfalls relating to selling your business. Recently Tilting the Scales highlighted Successfully Selling Your Business: Top 6 Potential Pitfalls; So You Might...more

Succession Planning: What the “Successor” Values

by LawVision Group LLC on

In my most recent blog, The Art of Succession Planning – Thoughts on How to Start, I shared tips gleaned from observing a “model firm” on how to successfully start and integrate succession planning. All too often, partners...more

Estate Planning NOW: Preparing for a New Government

by Lewitt Hackman on

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...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

The Art of Succession Planning – Thoughts on How to Start

by LawVision Group LLC on

“Succession” has been an extremely hot topic this year. For many firms, it seems succession planning is the Holy Grail, but why? Maybe it is hard to know where to start. Maybe it is hard to find the time to fit it in. Maybe...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

ISS Announces Rebranded Governance Rating System and New Factors

ISS has announced the adoption of QualityScore, a benchmark of corporate governance. QualityScore was previously known as QuickScore, and before that by the monikers “GRId” and “CGQ.” For US companies, the following is a...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

Selling Your Business: Why Accurate Financials are Important

by Gray Reed & McGraw on

This is the fourth installment of a series discussing potential pitfalls that JR and Sue Ellen Pawlenty, who own Pawlenty Energy, should be wary of when they are trying to sell their business. Recently, Tilting the Scales...more

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