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family-owned business: news
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Exiting Your Business on Top: You Can Learn from Jay Leno
May 2014 -- Commerce Magazine
Glenn Stein was a featured contributor to the Commerce magazine article “Exiting Your Business on Top: You Can Learn from Jay Leno.” In the article, leading lawyers were asked to identify the key best practices for mergers and acquisitions involving family-owned businesses in New Jersey, and to discuss legal issues that are unique to family businesses. Among other things, Glenn stressed the need for family businesses, which often operate without corporate formalities or sophisticated internal controls, to hire experienced corporate counsel, and for the client to review its corporate and financial records well in advance of the due diligence process. According to Glenn, “the more sellers discover on their own, and address prior to initiating a sale process, the smoother the process will be and the more likely the sale will close.”
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How to Manage an Inherited Business
March 3, 2009 -- CNNMoney
Brian Raftery stresses the importance of succession planning for small business owners in “How to Manage an Inherited Business.”
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How to manage an inherited business: When an entrepreneur dies, loved ones are forced to make tough decisions
March 3, 2009 -- CNNMoney.com
Brian Raftery advises that owners of small businesses have wills and succession plans in place long before they anticipate needing them, to avoid a hurried and possibly unsatisfactory forced succession plan if the owner dies without having planned properly. This is particularly true, he notes, in some jurisdictions that do not automatically transfer the business to the surviving spouse when there are children.