Succession Planning

News & Analysis as of

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

Does Your Key Supplier Have A Succession Plan?

"Hello Jake, I hate to tell you this but we can't ship your order this week. One of our key suppliers is holding us up." Originally Published in the Grand Rapids Business Journal - February 14, 2014. ...more

The Use Of Trusts In Business Succession Planning

INTRODUCTION - 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....more

Succession Planning for CPAs

For most professionals, building their business into a successful enterprise has been their life’s work and is likely their most valuable asset, yet so many fail to plan for its future success and continuation. Most people...more

Benedict Arnold And How To Be A Game-Changer In Compliance

Today is the anniversary of the birth of one of the most notorious Americans of all-time: Benedict Arnold. His name is synonymous with the word traitor in the United States and in many ways more derogatory....more

Succession Planning: No Better Time to Start Than Now

Succession planning for eventual transition of a closely-held business is a multidisciplinary practice that involves careful consideration of legal, business, practical, and (often) familial decisions. Early introspection and...more

Corporate & Tax E-Note - December 2013

In This Issue: - SEC Chair Says Agency Will Continue to Take Cases to Court - Report Shows 590 Tech Companies Set to Debut IPOs in 2014 - Businesses Concerned Over Senate Efforts to Lower Corporate Taxes - States...more

Transition Planning: Key Steps for a Successful Exit From a Closely Held Business

Executives of closely held and family-owned businesses are often so focused on running their businesses that they do not plan for the inevitable — the transition of ownership and/or leadership. It is not a question of “if ”...more

Business Succession (a/k/a “Buy-Sell”) Agreements: Plan Ahead for the Unexpected

Unexpected events happen in business, just as in all other aspects of life. The death, disability, retirement or “divorce” of business owners can jeopardize a healthy business or send it into a financial tailspin. That’s why...more

Take Care When Succession Planning To Avoid Age Discrimination Claims

I’ve had succession planning on my mind this week following the release of a research poll that indicates that about half of older Americans are delaying retirement plans to work longer. The poll, which was conducted by the...more

"The Estate Planner" – September/October 2013

In this issue: - The GRAT: A limited time offer? - International relations: Estate planning for noncitizens - Avoid probate to keep your estate private - Estate Planning Red Flag – You Don’t Have...more

Don’t Wait to Create Your Business Succession Plan

When you inherited the family business on Broadway in Redwood City, it was a mom and pop store with one location. Over the years, you weathered many economic storms and managed to build the business into a multi-location...more

Now is the Time for Business Succession Planning

Toward the end of 2012, many families with wealth tied to a family business were faced with a choice: 1) avail themselves of the expiring $5.12 million estate and gift tax exemption by gifting interests in their family...more

If You Don’t Have a Multi-Generational Estate Plan, Get One Now!

You’ve worked hard to expand the family business in San Mateo, California, after you took over the reins from your father, who decided to retire a few years ago. Now, you’re reaching the point in life when you’re beginning to...more

Why Can’t We Be Friends? Compliance And HR

I have long been an advocate of the compliance function working with the Human Resources (HR) function in any company to help achieve greater compliance under anti-corruption laws such as the Foreign Corrupt Practices Act...more

Succession Planning: A Rare Tale of Family Business Survival

In a recent article in The Globe and Mail, Beverley Smith recounts a rare tale of family business survival in which a Halifax seed company is still operating in the fourth generation....more

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