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Selling, Buying, Merging or Dividing a Business?

K & B Provides Business Solutions

The Business Law Group at Kelleher & Buckley, LLC successfully assists clients when selling, purchasing, merging and/or dividing businesses. In addition to offering excellent business level legal advice, K&B also provides a unique personal level perspective as K&B’s Business Law Group evolved from, and works closely with, our estate planning and tax law practice groups. “The K&B combination” provides both transactional and pre-transactional planning and assists business owners and their families in attaining effective business and personal level solutions.

Recently, Andrew J. Kelleher, Jr., J.D., C.P.A., LL.M., a Founding Member of K&B, presented some of K&B’s unique perspectives to the Midwest Business Brokers and Intermediaries (“MBBI”) conference at the University Club in Chicago, Illinois. The distinguished audience was comprised of 100+ investment bankers, attorneys, certified public accountants, business brokers and other related professionals. In part, Mr. Kelleher discussed that clients and their advisors too often only focus on the business level aspects of the transaction process (i.e., price, financing, contractual terms, income tax/capital gain consequences, etc.) without giving any attention to the business owner’s transaction related personal level positioning. In many cases, the consequences of inadequately attending to such personal level positioning can be quite disadvantageous to the owner and his or her family. For example, from a business seller’s perspective, many pre-transaction questions should be asked and addressed, possibly including:

  • What can be done to capture and protect the value added by the owner’s business level advisors during the pre-market preparation process?
  • What taxes could be unnecessarily paid if the owner dies the day after closing absent personal level planning?
  • What are the consequences if the owner is sued the day after closing without proper asset protection planning?
  • What controls are lost if the owner becomes mentally disabled or dies before closing the transaction?
  • How can the business owner’s optimal post sale positioning be attained? What are the implementation steps?
  • The questions can be numerous, and the right questions need to be asked and addressed.

Kelleher & Buckley, LLC can provide solutions. If you would like to learn more or have any questions, please call us at (847) 382-9130 or refer to our website at kelleherbuckley.com.

Referrals and new clients are appreciated and welcomed.

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Kelleher & Buckley, LLC provides competitive legal, tax, advisory and business services, continuously striving to exceed our clients’ expectations, attract and retain talented people and be the law firm of choice for individuals and businesses alike.

Pursuant to requirements related to practice before the Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter.

 

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