Business Succession Planning

Thursday, July 6, 2017

What Is A Business Divorce: And How To Achieve One

By:  Ladd Hirsch

Looking back on the celebration of Independence Day this week, one of history’s most notable separations, it may be a good time for business partners who are locked in conflict to consider a business divorce.  Unlike the fight to the death between the redcoats and the patriots, however, the focus of a business divorce is how to structure a separation between business partners that achieves a win-win outcome for both sides.

In its simplest terms, a business divorce refers to the process by which the owners of a private business separate from their co-owners.   This Post discusses issues common to most business divorces that will be helpful for business owners to consider before they embark on this process.  The perspective in the Post is from the vantage point of the minority owner seeking to negotiate favorable terms for his/her exit from the business.


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Monday, December 12, 2016

A Look Back at 2016 – Legal Issues Affecting Texas Private Company Owners and Investors (Part 1)

A sure sign the year is winding up is the release of A sure sign the year is winding up is the release of TIME magazine’s “Person of the Year” list.  If TIME created a similar list of legal developments impacting owners and investors in private Texas companies this past year, at least two issues would be on it: the adoption of the Defend Trade Secrets Act and the stalemate that continues to exist for minority shareholders who have claims for oppression against majority owners.  The legal restrictions on the oppression claim have spurred an increase in shareholder derivative lawsuits containing allegations that private company officers and directors breached their fiduciary duties to the business.


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Monday, October 24, 2016

Succession Planning Part 3: Ownership Transition – Passing on the Keys to the Kingdom

By: Ladd Hirsch

“If you don’t know where you are going any road will take you there.”  -The Cheshire Cat

As the wily feline wisely suggested to Alice, knowing where you are going is the key to knowing how to get there. At no time is this more true than when a business owner is working on their succession plan.  In our previous posts on succession planning, we stressed the


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Wednesday, October 5, 2016

Business Succession Planning Part 2 – Putting Your All-Stars in Play

By: Ladd Hirsch

The successful business owner needs to be able to multi-task, including in the area of succession planning. As noted in the previous post, business owners need to develop and then implement two different succession plans, one for crisis management that applies in the event of an emergency, and a second one that transitions the company’s management and its ownership to new hands. This second post focuses on management succession planning, the final post in this series will review the steps involved in transitioning to new ownership.


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Wednesday, September 28, 2016

Business Succession Planning Part 1: Don’t Wait for An Emergency to Put a Plan in Place

By: Ladd Hirsch 

The health-minded business owner who diets, exercises and receives good medical care, may receive a robust physical report suggesting he or she will live forever.  Counting on immortality as a succession plan, however, is a bad bet.  The business owner concerned about the future will want to prepare both a long-range plan and an emergency plan.


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With offices in Houston and Dallas Texas Business Divorce a division of Diamond McCarthy LLP assists clients throughout Texas including Austin, San Antonio, Midland, Fort Worth, Galveston, Amarillo, Abilene, and Waco.



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