Succession Planning

News & Analysis as of

“Letting Go: As Baby Boomers Sell Their Businesses, Too Many Forget the All-Important Succession Plan.”

Building a Business from the ground up takes devotion, energy and commitment to the bigger picture. It’s akin to birthing and raising a baby — albeit a baby that will always need a firm, guiding hand. Finding that next hand —...more

KPMG Issues 2015 Global Audit Committee Survey

In February, KPMG released its 2015 Global Audit Committee Survey, which reports on audit committee activities based on survey responses from 1,500 audit committee members across 35 countries....more

Recent Trends in Succession & Estate Planning

The traditional model for business owners to pass their assets on after death to spouses, children and grandchildren is for their professional advisors to suggest a tax-efficient structure which becomes embodied in wills,...more

Recent Trends in Succession & Estate Planning [Video]

The traditional model for business owners to pass their assets on after death to spouses, children and grandchildren is for their professional advisors to suggest a tax-efficient structure which becomes embodied in wills,...more

Why Creating a Basic Estate Plan is Necessary — At Any Age

At 16 you can drive a car. At 18 you can vote and serve in the military. And at 21 you can order a drink in a bar. But, when is the right time to create an estate plan? When should you create the basic documents that will...more

Publicly traded companies and the task of succession planning

As we’ve pointed out in previous posts on this blog, succession planning is an important task for every company to ensure its success during and after times of transition. A common theme in all effective succession planning...more

Succession planning for the family-owned hospitality business

Succession planning for the family-owned hospitality business: protecting your family and your business - The hospitality industry has been kind to families over the centuries, providing a good living for many, and...more

Why a Tax Attorney's Advice is Important: Estate Planning, Gift Tax, Business Succession, and the Ability to Rely on Advice by...

A recently published tax court opinion provides us with a fascinating case involving a rags to riches story of a tightly-knit hardworking family and the creation, merger and eventual sale of two related family companies. It...more

Problems And Solutions In Business Succession Planning, P.2

We’ve already briefly discussed the importance of planning for a fitting successor, emphasizing that it is important to begin this process sooner rather than later....more

Problems And Solutions In Business Succession Planning, P.1

As we’ve previously mentioned on this blog, business succession planning is critical in maintaining the strength and integrity of a business during and after changes of leadership. Experts in business planning say that...more

What We Can Learn from Market Basket

We have all watched as the Market Basket family and business dispute has played out in the media – customers protesting, employees on strike and secret family meetings behind closed doors. What began as a small family grocery...more

Succession Planning - Even Startups Need to Have the Conversation

Startup companies have unique challenges, but succession planning is one area that both startups and well-established businesses should likewise be considering. No matter the stage of your business, the time to start thinking...more

Business Succession Planning — You Should Have Started Yesterday

You have worked incredibly hard and sacrificed a lot to build your business. No doubt that everyday concerns relating to your business take priority. However, failing to plan for the future can derail all that you have worked...more

The Donald Sterling Case Provides Valuable Trustee Incapacity Insights - Establishing the Most Effective Instruments to Evaluate...

The ideal individual trustee has a wide variety of real world experience and judgment that can only be acquired over decades. Thus, many trustees are middle-aged or older at the start of their tenure. While some people remain...more

Planning For The Exit – What’s Your Exit Strategy? [Video]

Cox Smith, Padgett Stratemann, and Navidar Group hosted an interactive discussion on the current climate for buying and selling businesses, preparations for you and your business, tax strategies, and the legal process behind...more

Transitioning the Family Business to the Next Generation

The transition of a family owned business involves a variety of legal and tax issues. While most business owners plan to avoid taxes and develop creditor protection strategies, business owners also should be focused on...more

Weak Succession Planning Remains a Problem

Back in January, I wrote that “few things are more important to a company’s success than identifying, hiring and retaining an effective CEO,” and yet many boards of directors pay scant attention to succession planning. (See...more

Are Senior Trial Attorneys Passing the Baton?

Every profession is facing the impact of baby boomers retiring – and trial lawyers are certainly no exception. At the PLUS Conference in April 2014, I was delighted to be part of a panel discussing a variety of topics...more

Third Circuit Articulates Theories Of Successor Liability Under FLSA

In Thompson v. Real Estate Mortgage Network, No. 12-3228 (3d. Cir. Apr. 3, 2014), the Third Circuit Court of Appeals recently found a successor employer potentially responsible for Fair Labor Standards Act (FLSA) violations...more

Business Succession Planning is More Than Just Money

In reading about Ron Francis’ promotion to general manager of the Carolina Hurricanes, one paragraph stood out to me... ...Many business owners think succession planning is all financial, but there are significant...more

Changes May Lie Ahead for Certain Wealth Transfer and Succession Planning Strategies

In March, the Department of Treasury issued the administration's 2015 fiscal year revenue proposals for the federal government. Those proposals are described in General Explanations of the Administration's Fiscal Year 2015...more

Third Circuit Applies More Relaxed Federal Standard To Successors In FLSA Cases

The Third Circuit Court of Appeals, which covers Pennsylvania, New Jersey, Delaware, and the U.S. Virgin Islands, recently became the third appellate court to adopt the federal common law standard for successor liability in a...more

How Legal Considerations Shape Succession Planning

Much has been written about the importance of succession planning as a pillar of a firm’s culture and its ability to retain talent. Much has also been written about the importance to investors about cultivating long-term...more

Mitigating Successor Liability in Long Term Care Acquisitions

As in any business acquisition, purchasers in the long term care industry can encounter potential liability due to employment claims, seller violations of representations and warranties under the purchase agreement, tort...more

Transfer of Fixed-Term Lease Agreements in a Corporate Acquisition by Way of Asset Deal: Beware the Written Form!

When transferring fixed-term lease agreements by singular succession in an asset deal, parties should ensure the transfer complies with the written form requirement. A recent judgment1 from the German Federal Supreme...more

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