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Turnaround & Receivership

Wednesday, 23 January 2019

Handle buy-sell agreements with care

Written by Thomson Reuters

If you own an interest in a family-owned or other closely held business, a buy-sell agreement is a valuable document to have in place. These agreements specify whether — and under what circumstances — owners’ interests may be transferred. Buy-sell agreements should be planned and drafted carefully to ensure that they meet your expectations and don’t trigger unwanted tax consequences or conflicts with other owners or family members. Consider the benefits A well-crafted buy-sell agreement provides many benefits, including: Keeping ownership of the business within the family or another select group (for example, people actively involved in the enterprise), Preventing an owner’s former spouse from acquiring a business interest in the event of a divorce, Providing owners and their heirs with liquidity to pay estate taxes and other expenses in the event of death or disability, Establishing the value of the business for gift and estate tax purposes (if certain requirements are met), and Minimizing disputes over ownership succession issues...

Thursday, 31 May 2012

A Port in the Storm

Written by Chip Hoebeke, CPA & Stephan Bush, CPA

BWD Magazine, Spring 2012 Turnaround & Receivership offers help to troubled firms Across the country and in Michigan in particular, the last few years have seen a tremendous number of businesses sailing into troubled waters. In fact, it has been described as an ocean of distress. On these rough waters, we have seen businesses taking on water and in some cases even going under. Both the troubled businesses and their creditors often rely on turnaround firms to venture out into the troubled seas and provide help...

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