Counsel for Privately Held and Family-Owned Companies
- Private business has its own unique challenges. Especially when those businesses are closely held or family held businesses. If advanced planning opens doors, then communication is the key. It is never too early to start cleaning up legal skeletons, putting proper policies in place, or preparing for a smooth transition or exit.
- Counsel at Pruvent have done more for private business clients than we believe you care to read. When it comes to private business, there is very little that is outside of the Pruvent wheelhouse.
Governance and Transitions for Private Companies
Pruvent PLLC advises privately held and closely held companies on governance, shareholder and member arrangements, succession planning, and owner-to-owner transitions. The firm prepares buy-sell agreements, shareholder agreements, and member control agreements; advises boards and owners on distributions, transfers of equity, and reorganizations; and guides ownership groups through the planned and unplanned transitions that every private company eventually faces.
What is a buy-sell agreement, and why does my company need one?
A buy-sell agreement sets in advance how ownership interests are valued and transferred when an owner dies, becomes disabled, retires, or exits. Without one, transitions are negotiated under pressure and often end in disputes. With one, the company and the remaining owners have a clear, enforceable path.
Can Pruvent help with succession planning for a family business?
Yes. Pruvent structures succession and owner-to-owner transitions for privately held companies and coordinates the corporate documents with the owners' tax, estate, and financing advisors.
Does Pruvent handle disputes between owners?
Yes. Pruvent represents companies and owners in shareholder and member disputes, and drafts governance documents designed to resolve deadlocks before they become litigation.