Why the transfer of ownership to your heirs is a terrible, unfair decision, the role of Key Man Insurance and how you can best prepare for such a situation.
As a business attorney, Brett does a lot of business partnership structuring and formation work. He goes through a series of 35 – 40 questions that he poses to founders to get feedback and one of those questions he asks is "What do you want to happen if your partner becomes disabled, dies, or is unable to work in the business? What should happen to you or to your interest in the business partnership? "
Most business owners Brett talks to like the idea of passing on their business to their children. But, when asked if they would like to suddenly find themselves in business with the children of their partner, they're usually not so keen on the idea.
We're not talking here about succession plans, but rather what should happen to your interest in the business in the event that you're incapacitated. The least fair way to handle this situation is often the method most business owners are often initially inclined to do so.
This is another video in Brett's Business Partnership Mastery Series, where he will be diving into both the philosophy and legal nuts and bolts of mastering business partnerships. If you are a current or future business owner, you will definitely want to stay tuned for videos in this upcoming series, so make sure to subscribe!
Inspired by the content in his book, Partner-Proofing Your Partnership, Brett will touch and expand on the primary concepts he fleshed out in that short read which you can find here:
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Have questions? Book a call, and talk to Brett today:
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You can reach Brett through:
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Brett A. Cenkus has 20+ years of experience in business law, finance, and entrepreneurship. Through Cenkus Law, PC, he provides advice and services for mergers & acquisitions (M&A), securities offerings, founders’ agreements, and other general business law issues.
Through Braaten Woods, LLC, Brett helps business owners in the lower middle market ($2MM - $25MM) position themselves for sale, find buyers, negotiate, and close M&A deals.
Brett also maintains merger-resources.com, a site packed with free articles, videos, checklists, deal diagrams, template contracts, and other tools to help pass M&A knowledge to others.
Brett regularly consults with entrepreneurs and invests his own capital as an angel investor.
From 2010-2013, Brett served as Chief Legal Counsel of a publicly-traded international oilfield services company. From 2001 to 2006, he and a partner founded and built Paragon Residential Mortgage. Bridge Investments acquired Paragon in 2006.
Brett holds a Juris Doctorate from Harvard Law School and a Bachelor of Arts degree in Economics from Messiah College in Grantham, Pennsylvania.
Brett lives in Austin with his wife, Cathryn, and two children. He enjoys reading, squash, classic movies, great food and wine, and the New England Patriots.
#corporatelaw #mergersandaquisitions #businesslaw #corporatelawyer
