a.                Facts: puppy is owned by Anne who is away.  Bonnie is looking after the puppy for Anne.  For some reason Bonnie gives the puppy to Charlie.  Now Anne has returned from her trip and wants her puppy back. She’s … Continue reading →

Alternatively, how do you deal with lawyers like the one who has a fax but refuses to accept any fax longer than 10 pages or refuses to communicate at all via e-mail. For some attorneys, usually but not always, older … Continue reading →

Like many legal questions, a great deal depends on what state you are in.  But, generally, in Virginia, the answer to this question is “Yes, you can.”  The analysis is fairly simple: the contract is not with the employee, it … Continue reading →

Make sure your buy/sell agreement is up to date. Circumstances change. Needs change. Maybe your business had a liquidity problem initially, and now it doesn’t. Maybe one of your heirs was a spendthrift (or worse) at 25; now he’s matured … Continue reading →

Funding the Buy/Sell. Dealmakers and “allegators” are more creative than I am at funding things. One piece of advice is to carefully monitor the installment agreement and the loan from the bank. Especially the installment agreement. Heirs don’t like to … Continue reading →

Setting the purchase price. How will it be set? Book value?  Real value?  How will you calculate either or both?  Especially since prices rise, fall and shift around all the time.  The value of a buggy business in 1909 was … Continue reading →

Once you have made plans to get the money needed to implement a buy/sell agreement, other issues can arise which are often fought over. Triggering events. Many different things can trigger the buy/sell agreement but, equally important, many things can … Continue reading →

To secure the money necessary to make a buy/sell agreement work, creative financing is often required. One option is a life insurance policy with a cross-purchase agreement. Each owner buys a policy on the other owners. That may not be … Continue reading →

What if two partners, let’s call them Joe and Steve, have irreconcilable differences? Particularly since Joe put up the money while Steve put in the sweat-equity. They have built a business that’s worth several million dollars, but Steve is hacked-off … Continue reading →

Let’s say your business partner is a semi-retired older gentlemen everyone around the office affectionately calls “Grandpa.” Tragically, Grandpa dies in a car accident. Even more tragically, he has a number of children and grandchildren, and his Will divides everything … Continue reading →