Every successful business owner has to deal with the subject of succession planning sooner or later. Who will take the reins when you leave? In business succession planning, time is either your ally or your enemy. You can spend time planning for succession during your active business lifetime, or postpone planning and wait until the more chaotic, uncertain and expensive succession planning occurs after a life-changing event or post-mortem, when the choice is no longer yours. Think that succession planning is just a matter of selling your business? Think again. Finding a willing and able buyer for any business is rarely just a matter of hanging up a “for sale” sign.
Our business attorneys have consulted with many businesses, family-owned and otherwise, about planning for succession or sale. We can help you position your business for succession or sale in order to maximize what you receive from the change in ownership and ease the transition.
Guided a corporation through restructuring a the founding owner transitioned ownership to existing next generation of minority shareholders. This included meeting with the owners and the employees to discuss the transition, drafting the documents including the Stock Transfer Agreement, the Non-Compete and Confidentiality Agreement, the Employment Agreements, the Stock Certificates, the Bylaws and any Corporate Resolutions required to execute the transition.
Counseled founding owner of local food brokerage in succession plan in which a regional “roll-up” brokerage purchased his stock in his company and issued stock to founder’s children who were involved in the acquired business in order that the business would continue locally but as a branch of the regional brokerage.
Successfully negotiated and closed merger of two companies in which one company acquired intellectual property, including software source code, and issued stock in new entity to original developers of software.