CasesOffering Support and Counsel During a Difficult Time Stephen N. WilchinsSituation An attorney outside of the Boston area did an online search to locate an experienced business law attorney to facilitate the sale of a family business after the owner had passed...
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SAFE Notes: An Early Stage Funding Alternative
A SAFE note is a financial instrument that allows investors to provide capital to startups in exchange for a promise of future equity, hence the term Simple Agreement for Future Equity. Investors receive the right to convert their SAFEs to equity shares in the company...
When the Founder Approaches Retirement
Plus Five Elements to Promote a Forward Looking Culture For the founder of a successful family business, few things are further from the mind — and perhaps more frightening to contemplate — than the thought of retirement. The idea of stepping back from active...
Deadlocks Can Be Deadly for Closely Held Companies
Establishing and running a family business or other closely held enterprise often represents a dream-come-true for the founders and shareholders. At the beginning, everyone is on the same page. Same company vision. Same philosophy on how to achieve growth. Same...
Keys to Building a Great Family Business
Family-owned and run. It has a wonderful ring to it. And given the allure of working closely with relatives to pursue their collective dream, the family business has historically been a very popular business model. Indeed, in the US alone, more than five million...
Family Business Transition: Don’t Be Late to the Party
A key characteristic of Family Businesses - where the founder/owner may serve as CEO for 25 years or longer - is that continuity of the enterprise beyond the first generation is not certain. This is contrasted with public companies, where CEOs serve at the discretion...
Involving Family Members Who Are Outside the Business: Three Options
We have written about a changing dynamic in family businesses where the next generation is no longer inclined to work in the business. To read a recent article on this trend, click here. There are many reasons for this. In some cases, the relevant aptitude and skills...
Family Business: Succession Planning and the Next Generation
Family-owned businesses have traditionally been multi-generational. For decades the default assumption was that the next generation would eagerly step up and provide family continuity in the business. That dynamic is changing. These days, the next generation typically...
Ground Rules for Spouses Running a Business
Managing a business with your spouse often presents exciting opportunities. However, a complex operating environment and uncertain growth trajectory, coupled with significant financial stakes and various management issues inherent in the business, may present...
Leveraging Your Board of Advisors
Advisory boards can add value in multiple areas, including growth strategy, market development, technology deployment, operational excellence, capital raising, etc. Your board members are selected based on the array of skills, expertise, experience and relationships...
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