Day: January 2, 2020

Business Succession Plan

A closely held business, especially a family business, needs a succession plan. A succession plan should be part of an overall business plan, just like profit and loss projections, product and marketing plans. Questions such as: Who will take over when the owner retires? Will the business be sold? To a co-owner? To an outsider? Who are the possible buyers? When will the business be sold? All of these questions need to be addressed.

Contract Review

Contract Mistakes: “It Looks Legitimate”

Yes, you should always have your attorney review a contract to purchase a business or real estate or a lease before you sign the document. Most legal problems that come to me are the result of a poorly drafted or one-sided document. Legitimacy is only one concern; just because “an attorney” drafted a document does not mean that it serves your interests, unless the drafting attorney was your attorney. Your attorney will look out for your interests.

Purchasing or Selling a Business

In today’s world, most purchases and sales of businesses are of business assets, not stock, and it becomes imperative to know exactly what the business assets are. It is also important to know if the assets have been pledged as collateral for a loan, and whether they are owned by the business or leased by the business. Three recent problems come to mind with respect to the value of the business assets.

Probate Litigation

Is someone you know involved in a family dispute after a parent has died? Over a Will? Family land? A family business? In legal terms, these are probate disputes. The usual trigger for a probate dispute is an unmet expectation of one or more of the beneficiaries.

Mechanics Liens

Mechanics Liens

A mechanic’s lien is established and governed by Virginia statutes. They protect contractors and subcontractors who have not been paid for their services and provide specific steps for contractors and subcontractors to file a lien against the real estate they added value to.

Real Estate Attorney

Why Hire a Real Estate Attorney

If you plan to purchase real estate in Virginia, you should do your due diligence before you close on the property and you should hire a real estate attorney. Absent outright fraud, sellers are not required to disclose, for example, an ongoing disagreement with a neighbor over the use or location of an easement, or a disagreement over a fence on the neighbor’s property. Nor are the sellers required to volunteer that the field next to the property was just sold to a developer…