Together we will work through the seven phases of Borakove Osman’s business succession process to get you and your company through the transition of ownership. We will also coordinate our efforts with your internal ownership group, controller, CPA and financial advisors to ensure that all legal, tax and financial aspects are both reviewed and acted upon. In the event of a transfer to a third party, we will work with that party’s counsel and advisors as well.
Borakove | Osman believes that receiving great service from a law firm should not be unpredictable. We also understand the need and importance of mitigating expense, and maximizing efficiency and accountability. Our 7 step process serves as a business succession blueprint that breaks down succession activities into a series of distinct events, i.e., expectation checkpoints, to achieve greater consistency in client service and reliability. While each client and each business are markedly different and unique, the defined knowledge and structure provided from our 7 step business succession process permits us to be more responsive in modifying the structure of the plan efficiently. No client should be left in the dark during one of the biggest transitions of their life.
Ordinary Services Provided as part of Borakove Osman LLC Business Succession Process
Our firm will perform all ordinary legal services associated with the business succession plan. Those ordinary services include the following:
- Review, analysis and interpretation of current business documents, including bylaws, buy-sell agreements, employment agreements, and other ordinary business documents, as well as explanation of the impact of all such documents relative to current ownership, the planned business succession, and future ownership;
- Advise Client regarding business succession plan options, and advantages/disadvantages of various options;
- Quarterly in-person meetings with Client and Attorney, as well as potentially Client employees and other team members from Borakove | Osman LLC;
- Additional meetings as needed throughout the engagement, as agreed upon by Client and Attorney;
- Regular phone conferences with Client and Client’s professional advisors throughout the engagement, on a monthly basis or as needed or directed by the Client;
- Business succession plan design, including discussions with Client, presentations to Client and purchasers, and determination of essential elements of Client’s succession plan;
- Drafting all business documents related to the business succession as well as the current and future management of the business, including Purchase Agreement, Operating Agreement, Subscription Agreement, Bonus Agreements, Incentive Plan Documents, Employment Agreements, Buy-Sell Agreements, Promissory Notes, Installment Schedules, and all other business documents related to the transition as well as updated documents related to the operations of the business;
- Assistance with financing options and financing coordination, including all legal documents associated with seller financing;
- Review Client Financials each year, as well as projections for future years;
- Review and project valuation of the Company with Client, relative to sale of business interest;
- Coordination with Client’s Controller, CEO, COO, and/or CPAs regarding tax implications of plan documents, bonuses, incentives, and sale relative to Client, seller, purchasers, and other impacted individuals;
- Modeling of projected results of business succession plan throughout engagement, and application based upon Company’s performance through the years leading up to the sale and transition;
- Individual meetings or phone conferences with owners of Company, employees of Company, or advisors of Company, at the direction of Client;
- Testing of designed plan elements and documents in year prior to sale and transition date;
- Review and explanation of all business succession plan documents to Client, ownership group, purchasers, and professional advisors of Client;
- All correspondence with Client, Client’s Employees, and Client’s Advisors, including phone calls, emails, faxes, and in-person communications;
- Execution of business succession plan documents, and delivery of final business succession binder to Client upon completion of engagement; and
- All other work miscellaneous work associated with the sale of the interest in the Company, and completion of the business succession plan.