June 4, 2014
When a shareholder in a multiple-owner company decides to withdraw from a corporation, her shares need to be transferred. But to whom? And how? It depends on how the shareholder’s agreement is worded. Two scenarios are: A shareholder retires and sells the shares to the remaining shareholder(s) A shareholder resigns and sells the shares back to the corporation The first method is sometimes referred to as a “cross-purchase agreement.” Under a cross-purchase agreement, the shareholders agree to buy each other out when one withdraws. The corporation is not part of the purchase/sale. The second scenario, sometimes referred to as a “stock redemption,” is where the corporation — not the individual shareholders — buy back the stock. The downside to #1: the individual shareholders need to come up with the funds for the buyout. Under #2, the corporation comes up with the funds. In both situations, life insurance proceeds can be used . . . but that doesn’t help when an owner, say, resigns, and remains very much alive. That’s why your shareholder agreement needs to have a…
Continue ReadingI’ve worked with many clients who have an online business. They focus on the logos. The sales pages. The product funnel. Conversion rates. But what’s the #1 element they tend to ignore? Their website terms…
Read MoreWHAT THE $%^&!?!” I screamed, as I slammed down the phone receiver. “I HATE THIS!! I CAN’T KEEP DOING THIS CRAP ANYMORE!” Can you say “meltdown”? Yeah, I had one last month. Triggered by technology.…
Read MoreYou’ve reached a point where you’re ready to tear your hair out. You’re pulled in 17 different directions and, try as you might, you haven’t found a way to manufacture the 28-hour day. Much as…
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