Practice Areas & Industries
Closely Held Businesses & Succession Planning
Rich May, P.C. provides the ideal balance of sophistication, empathy and value required by closely held and family businesses throughout their life cycle and in planning for their future. Rich May itself operates much like a family run business, with many of its attorneys spending their entire legal careers here.
Closely held and family businesses present unique challenges in the business world in that the number of parties exercising control over the business is often limited. When a company is large with many shareholders, numerous directors and a full slate of officers, corporate culture tends to take hold and have a self-regulating effect. For the smaller business, however, having only a few decision makers who may have a direct fiscal impact on their partners, other shareholders or family members can be both an emotional and business challenge without careful planning and foresight.
We treat each such business as an entirely new enterprise- learning as much as possible about the past, present and future of each of the players and the company as a whole. We can then put our more than seventy five years of expertise with closely held businesses to use in guiding the client in all manner of needs, including:
- Operating Agreements/Shareholder Agreements
- Equity Compensation and Stock Appreciation Right Plans
- Employment Matters
- Buy-Sell Agreements and Related Life Insurance Trusts
Our attorneys will listen to all the parties involved and draft comprehensive documents governing the control and operations of your business- from the day of its founding to the day it is passed on to the next generation or sold, and during every succes and crisis in between.