Episode One: Corporate Divorce – Preventing and Managing the Break-Up of a Business Partnership
Episode 21 | Where There's A Will, There's A Way
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
Most business owners spend their time focused on the operation of their business, and the next steps in its growth. How can we exceed revenue targets, improve market share, hire the right people, reduce operational costs,...more
Family-owned businesses can face challenges around share ownership and potential sales. Proper planning, including documenting board membership, setting share transfer rules and establishing a framework for sales, can help...more
For many family-owned businesses, the future is built on relationships, trust, and shared history. But when it comes to succession planning, even the most tightly knit families often delay the conversation. As corporate...more
Why should every business owner consider or revisit business succession planning at this time of year? The simple answer: Business succession planning protects owner and company alike. It protects all of the hard work and...more
For generations, Wisconsin cranberry farms, like potato farms, have been more than businesses—they’ve been legacies. Passed down through families, these farms are rooted in tradition, hard work, and deep community ties. But...more
Balancing numbers and relationships when business and family intersect. Family-owned businesses occupy a unique and vital space in the economy. They combine entrepreneurial drive with deep personal commitment and long-term...more
For restaurant owners, divorce isn’t just about dividing assets—it’s about protecting the legacy you’ve built and ensuring the future of your business remains secure. Amidst the emotional and financial challenges of a...more
Running a restaurant in New York City is demanding, but planning for the future is just as crucial as daily operations. Without a solid estate plan, a restaurant owner risks legal disputes, unnecessary taxes, and business...more
For restaurant owners, business succession planning is crucial to ensuring a smooth transition of ownership while protecting the legacy of their establishment. Whether the goal is to pass the restaurant to family, sell to a...more
As attorneys, we are trained to anticipate risk and protect our clients from uncertainty. Yet many of us fail to apply that same diligence to our own practices. Succession planning is not just a professional courtesy—it’s a...more
You’ve put the proverbial blood, sweat and tears into building your business. You’ve navigated its challenges and celebrated its growth. You may even have plans for what’s next — but are you planning for when you’re no longer...more
This post features Part 2 of a recent two-part program to be later aired on New York City public access cable in which I was interviewed by Sandra Schulte on an array of topics in the business divorce universe. Sandra has...more
Experienced trusts and estates attorneys consistently observe how proper planning can mean the difference between a thriving legacy and a fragmented enterprise. For family-owned life insurance businesses, the stakes are...more
Most people take steps to maintain good health, including scheduling annual checkups with their doctors to confirm there are no immediate or long-term health concerns. This checkup could include a stress test, which lets you...more
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
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
Will my family be taken care of when I am no longer around? Who will take care of me if I become incapacitated? Although these are questions we often don’t like to consider, the Covid-19 pandemic woke many people up to the...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
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
Buy-sell agreements are critical when dealing with a closely held business and yet often ignored or given short shrift by business owners. Life insurance is an effective tool that business owners can use to implement the...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