New Illinois Bar Video On Buying And Selling A Business

The Illinois State Bar Association just posted a video with me talking about the documents you need to negotiate in the course of buying or selling a business, from the initial nondisclosure/noncircumvent that allows buyers and sellers to exchange confidential information to the term sheet which outlines their deal to the final sales contract (with…

Exit Plans Do Not Always Require A Sale

Exit Plans Do Not Always Require A Sale So what else can you do besides selling? What constitutes a successful business exit? A few examples, which does not need to include selling everything to strangers as part of your plan: All in the family: The Tuttle family, of Dover, New Hampshire, kept a dairy operation…

Bad Things Happen To Undocumented Business People

If you don’t take care of those who depend on you, bad things (often involving lawyers) tend to happen: A promise is not a will:  Charles Kuralt, the TV commentator, lived with Patricia Elizabeth Shannon for 29 years, many on 90 acres of Montana land with a renovated schoolhouse and a view. He sent her…

Business Issues In Estate Administration

Just delivered a talk to the DuPage County Bar Association on family business issues in estate disputes. Reminded those present that most buy-sell agreements are not funded with “Key Man” insurance, that most spouses and children are incompetent to manage the business but want money, and that even rich people like the Wrigleys and the…

How Do We Get Rid Of Junior?

More than three quarters of all businesses in the US are family run. (The proportion is even higher elsewhere.) Family ownership means that family relationships, for good or for bad, often trump (or at least complicate) whatever the corporate documents say should be done about distribution of profits; hiring, firing, and promotion of managers; purchase…

Business Owner Asset Loan Guarantees Don’t Produce Personal Title To Assets

Owners of part of a business who guarantee auto or other asset loans for the company do not get title to the asset for which the loan is made. They may or may not even get credit for a capital contribution to the company, depending on the internal organizational agreements (partnership agreement for a partnership,…

Buy-Sell Agreements

There are two times that business partners argue: when they have money, and when they don’t. Those alternatives cover all available time segments, so if you’re advising people on how they should organize their business, some rules for the arguments may be in order. The classic horror story about such arguments is the Illinois appellate…