Category Archives: Business Law

Succession Planning for a Family Business

puzzleIf you run a family business, succession planning is essential. Meet with an advisor who can bring the family together to help create a plan for the future that will minimize conflict. Who do you want to run your business when you pass away so that it stays successful? It is important to find a balance between engaging your successor’s interest and doing what is best for the company. One possible point of conflict is to transfer a controlling interest to the person you want to run your business and transfer a noncontrolling interest to other family members. The problem with this is it may create confusion and conflict that may lead to court battles and even selling the business. Before that happens, plan for possible solutions. A business can be split into separate branches, or family members can buy out each other’s shares. A good succession plan takes thought and professional assistance. Don’t wait to start this process.

(From “Tips for a Smooth Business Succession” by Amelia Renkert-Thomas)

Retiring Boomers: What it Means for Small Business

Baby Boomers represent the largest segment of the United States population with a size of roughly 78 million. Recent studies indicate a couple of trends with regard to this segment. 10,000 Retiring Each Day First, “Boomers” are starting to retire in droves. Recent studies indicate the rate will be steady at about 10,000 per dayContinue Reading

Asset Protection?

One thing I see frequently with business clients is that many overlook basic recordkeeping tasks.  Often there are no annual meeting minutes, no consents to corporate actions, no stock certificates and no other way to know who has an ownership interest; and sometimes I find clients haven’t even kept their licensing updated and the companyContinue Reading

New Video!

Own your own business?  Want to sell it someday?  Check out John’s latest interview on Brashenomics for more information.


Listen to John Hugg at 4 pm today on Brashenomics (KKNW 1150 AM) when he discusses the various aspects of selling a business.