Category Archives: Business Succession

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12 Things You Need to Know About Buying or Selling a Small Business

12 Things You Need to Know About Buying or Selling a Small Business

When buying or selling a business there are many issues to consider and ultimately resolve in order to ensure that both parties receive what they have bargained for.

Every transaction is unique and will require the assistance of your attorney, CPA and other trusted advisors, but at a minimum, the following should be considered:
Confidentiality/Non-Disclosure Agreement When entering...
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Business, Business Planning, Business Succession
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Stay Bonus Agreements: What They Are and How to Use Them

Stay Bonus Agreements: What They Are and How to Use Them

A stay bonus agreement, also referred to as a retention bonus agreement, is a written agreement between a company and a key employee to encourage the employee to stay with the company.

Understanding the definition and purpose of this type of bonus agreement is critical for both business owners and employees.

What is a Stay Bonus?

A stay...
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Business, Business Planning, Business Succession
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 LLC Operating Agreement: Is a Non-Compete Clause Necessary?

 LLC Operating Agreement: Is a Non-Compete Clause Necessary?

You and several friends start a new business and decide to operate it as a limited liability company (LLC).

Now that you’ve completed the first step—choosing a business entity—it is now important to prepare an operating agreement. The operating agreement is a contract which governs the operations of the LLC and sets forth the arrangements made...
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Business, Business Planning, Business Succession
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Estate Planning for Vacation Rental Property Owners

Estate Planning for Vacation Rental Property Owners

In all parts of the country, services such as Airbnb have grown in popularity over the past few years including the beach resort areas of Hampton Roads.

Indeed, these alternatives to hotel stays are popular among homeowners and vacationers alike. If you have a home or other rental property that is generating income, you should understand...
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Business, Business Planning, Business Succession, Estate Planning & Administration, Real Estate
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