Tag: Paul Rushton

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:  

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Paul-Rushton-Lee-Piatt-Pennsylvania-Bar-Council-Business-Law

Two partners re-appointed to the Council of Business Law Section of the Pennsylvania Bar Association.

Lee S. Piatt and Paul T. Rushton, partners in our Firm’s Business & Finance Department, were recently re-appointed as members of the Council of the Business Law Section of the Pennsylvania Bar Association.

The province of the Business Law Section is the development and practical working of the law of the Commonwealth of Pennsylvania and of the United States, relating to business and nonprofit corporations, partnerships and associations, to banks and banking, and to the law relating to mercantile and commercial transactions, including the fields of bankruptcy, insolvency and receiverships and of business regulation law.

The Council is the governing body of the Section. Lee and Paul have previously served as members of the Council and are active in the Section’s Closely-held Business Committee (chaired by Paul), as members of the Title 15 Committee, and as contributors to the Section’s newsletter.