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Advising the Closely Held Business: What Could Possibly Go Wrong? 2023

Product ID: CA3513D
Presented By: State Bar of Wisconsin PINNACLE

Close call

Business success is possible, but it’s not guaranteed. In fact, about 45% of new businesses in the U.S. fail within five years.1 Your closely held business clients have weathered the pandemic, but would they survive a bitter fallout between friends or a contentious divorce? What happens when a closely held business would rather be anything but?

Steer clear of horror stories with help from Advising the Closely Held Business: What Could Possibly Go Wrong? You’ll receive strategies to set your business clients up for success by planning for problems before they arise — like drafting shareholder agreements to account for every eventuality.

Practitioners who have “been there, done that” will prepare you to plan for unpleasantries, while upholding your ethical obligations, with tips on:

  • Drafting an agreement with potential for divorce in mind
  • Protecting business interests in the event of a split
  • Draconian buyout provisions and contractual ambiguities
  • Determining the best interests of the business and the shareholders
Read More ↓

Interested in sponsoring this program? Find out more.

Select a Format

OnDemand seminar

Pricing

Member $269.00

Non-Member $349.00

Credits

7 CLE

Upon purchase, this OnDemand program is available to view for 90 days.

CLE Credits are available only if viewed prior to 12/31/2024.

EPR credit is not available for OnDemand programs.

Quantity:
Maximum quantity must be less than or equal to 1.

Close call

Business success is possible, but it’s not guaranteed. In fact, about 45% of new businesses in the U.S. fail within five years.1 Your closely held business clients have weathered the pandemic, but would they survive a bitter fallout between friends or a contentious divorce? What happens when a closely held business would rather be anything but?

Steer clear of horror stories with help from Advising the Closely Held Business: What Could Possibly Go Wrong? You’ll receive strategies to set your business clients up for success by planning for problems before they arise — like drafting shareholder agreements to account for every eventuality.

Practitioners who have “been there, done that” will prepare you to plan for unpleasantries, while upholding your ethical obligations, with tips on:

  • Drafting an agreement with potential for divorce in mind
  • Protecting business interests in the event of a split
  • Draconian buyout provisions and contractual ambiguities
  • Determining the best interests of the business and the shareholders
Read More ↓

Program Chairs and Presenters

Julie M. Bogle
BDO USA LLP
Madison

Gregory F. Monday
Reinhart Boerner Van Deuren, S.C.
Madison

Presenters

Matthew Ackmann
Reinhart Boerner Van Deuren, S.C.
Milwaukee

Linda S. Balisle
Balisle Family Law Legal Counsel, S.C.
Madison

Joseph W. Boucher
Neider & Boucher, S.C.
Madison

Danielle M. Johnson
Reinhart Boerner Van Deuren, S.C.
Madison

David J. Sisson
Reinhart Boerner Van Deuren, S.C.
Milwaukee

Timothy J. Pierce
State Bar of Wisconsin
Madison

Ralph A. Weber
Weber Advising LLC
Milwaukee

8:30 a.m. Legal Developments for Closely-Held Businesses

  • Case law update, including non-competes
  • Legislative update, including changes

Danielle M. Johnson, Matthew Ackmann

9:20 a.m. Impact of the Updated Wisconsin Entity Law and the Federal Corporate Transparency Act (CTA) on Closely-Held Businesses

  • One year into the enactment of Wisconsin’s new LLC law, we’re checking in to how the changes are taking form now that they are in practice and discuss the drafting of operating agreements in the wake of the new law.
  • Analyze sample standard operating agreements under the new law.

Joseph W. Boucher

10:10 a.m. Break

10:25 a.m. Planning for potential divorce: Drafting Do’s and Don’ts for Shareholder and Operating Agreements.

  • Impact of business and Estate Planning documents on divorce
  • Family court’s authority to order compliance with discovery requests and cooperation in the business valuation process
  • Need for Business and Estate planning attorneys to address divorce related issues as part of succession planning
  • Who should decide the issues? Public proceedings before a judge, or private proceedings with mediators and arbitrators

Linda S. Balisle

11:15 a.m. Business Splits Between Owners

  • Issues to address and processes to follow when two owners want to go separate ways
  • What should be written into your documents in case the owners ever no longer want to be in business together?
  • Ways to split up if you don’t already have the documents to provide an easy exit

Ralph A. Weber

12:05 p.m. Lunch 

1:05 p.m. Panel: Horror stories and how to resolve them. Lessons learned in drafting.

  • Cautionary tales that inform SOPs at firms
  • Weaknesses that can get exposed when your drafting is implemented.
  • Issues when the percentages don’t add up to 100%.
  • Is it ever desirable to be ambiguous in the contract?

Moderator: Julie M. Bogle Panel: Linda S. Balisle, Joseph W. Boucher, David J. Sisson, Ralph A. Weber

2:35 p.m. Break

2:50 p.m. Interactive Ethics: What Would You Do?

  • Lawyer’s role with respect to managers or members fiduciary duties in an LLC under the new law
  • Lawyer’s responsibility when managers or directors breach fiduciary duties
  • Lawyer’s responsibility in an adversarial split up of the represented company

Gregory Monday, David J. Sisson, Timothy J. Pierce

3:50 p.m. Program concludes

  • Draft better operating agreements for closely held businesses
  • Plan ahead for potential splits or divorce between shareholders
  • Understand how Wisconsin’s new LLC law affects closely held business clients
  • Overcome ethical challenges that arise when advising business owners
  • Review the latest case law and legislative developments impacting small businesses
  • Business lawyers
  • Estate planning lawyers
  • General practitioners

Book Bonus!

LLCs and LLPs: A Wisconsin Handbook
Save 15% on LLCs and LLPs: A Wisconsin Handbook.* Help your clients plan and build their business organizations on firm footing with the Handbook’s detailed coverage of business entities in Wisconsin, including recent statutory changes to Wisconsin’s business entity law. Use discount code CA3513 when you order online or by calling (800) 728-7788.

*Discount applies to both print and digital Books UnBound editions of this title and cannot be applied to previous purchases. Offer valid through 12/31/24. For Books UnBound users, discount may be applied to purchase of individual Books UnBound title only and may not be used on purchase of libraries. Discount cannot be combined with any other offers.

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