Tag: Closely Held

Recap - RJG at the Business Law Institute

The Closely-Held Business Committee Presents at the Business Law Institute in Philadelphia

The Closely-Held Business Committee of the Business Law Section of the Pennsylvania Bar Association, which is chaired by our own Paul Rushton, presented a trio of seminars at the Business Law Institute in Philadelphia last Friday.

The presentations addressed the options available to closely-held business owners who are approaching retirement. Our own Lee Piatt, who is a member of the Committee, gave a presentation focused on the succession planning techniques that are available to a closely-held business owner who desires to transition ownership and/or management of his or her business to family members and/or existing employees of the business.

A second presentation, given by Paul, highlighted the issues to be addressed by a closely-held business owner in preparing for, and ultimately consummating, a sale of his or her business to an outside party.

The final presentation identified the advantages of an ESOP for a retiring closely-held business owner.

If you are a closely-held business owner who is approaching retirement, please call Paul or Lee to discuss your options. Paul can be reached at prushton@rjglaw.com or 570-826-5623. Lee’s contact information is lpiatt@rjglaw.com or 570-826-5674.

Utilizing the Calm before the Storm – Suggested Steps to be taken in Advance of the Sale of a Closely-Held Business

By Paul T. Rushton, Esq.

The sale of a closely-held business is typically one of the most important and stressful events in a business owner’s life.  The dual challenge of addressing the requirements of selling a business while continuing to operate the business in its ordinary course can perhaps best be described as being in the “eye of a storm.”  This can be particularly true for a closely-held business that is managed by a small number of individuals without the assistance of in-house counsel and/or accountants. However, by taking the following steps before embarking on the sale process (or, in the “calm” before the “storm”, if you will), the owners and managers of a closely-held business can reduce the level of anxiety attendant upon a future sale of the business and minimize the prospects of incurring liability in connection with the sale:  

Continue reading “Utilizing the Calm before the Storm – Suggested Steps to be taken in Advance of the Sale of a Closely-Held Business”