When updating your Shareholder Agreement, consider that when you started, your focus may have been: Drafted at inceptionLikely only had you in mindManagement decision, capital limitations, unanimous decisions or unilateral decisionsValuation method or formulaSpouses not involvedDirect ownership But going forward, you may now need to consider: Set...
Succession Planning Options Selling or Transferring your Business to a third-party buyer (a competitor, supplier, customer or independent third party).to an existing partner in the business.to your management team.to your employees, which may be a broader group than your management team.to a family member. Dividing up parts...
8 Rules to get the Best Deal ~Selling Your Business Is A Process, Not an Event The 8 rules you need to consider are: Rule #1: Do not try to sell your business yourself. Rule #2: Have a clear understanding of why you are selling your business. Rule #3: Have a...
Select your Power of Attorney with Care A Power of Attorney [PoA] is a powerful document. It puts the rights of ownership into the hands of another. A PoA gives some, or all, of the decision-making power of the grantor to another. PoA financial exploitation is considered a serious...
The Estate Planning Process and its Benefits Estate Planning is a process that requires thought and advice. Here are the steps: Disclosure and verification—having all the information.Identifying objectives—what do you want to accomplish and for whom?Analysis—where are the obstacles to accomplishing the objectives?Identifying Strategies—what are the possible solutions to achieve the goals.Evaluating Strategies and...
Executor Has A Fiduciary Duty A person who is appointed as an executor might be flattered that the testator held them in such high regard. But this “honour” comes with a lot of work and personal sacrifice, as well as a fiduciary duty that requires the executor...