The Buy-Sell Agreement That Might Never End


Recently, I was involved, for a moment, in a buy-sell agreement valuation process that had many issues. A key executive in a company was terminated. He owned about 15% of a profitable operating company, and his firing triggered the company’s buy-sell agreement provisions in its operating agreement. This was a buy-sell agreement that was virtually destined to fail unless the parties agreed to a change in the process.

New York Supreme (Trial) Court: One Buy-Sell Agreement That’s So Broke It Likely Can’t be Fixed


Buy-sell agreements can go bad if all parties to them do not pay attention to their terms before signing them. This is particularly true in the New York case of Yakuel v Gluck, which was filed in early May in the Supreme Court of New York County.

11 Things to Know about Fixing “Problems” in Your Business

And #12: Problem Resolution Has a Positive Impact on Business Value


I was reflecting about business problems and my experience in seeing them addressed in other organizations or in dealing with them in our own company. This post provides 11 observations on why it is critical to address business problems timely and credibly. The value of your business is directly influenced by how you resolve problems as they arise. Think of a problem identified as an opportunity for constructive change.

What is the Impact of the COVID-19 Crisis on Marketability Discounts (DLOMs)?

Will Your Marketability Discount Analysis Allow You to Address the Question?


My virtual session today at the New York Society of Certified Public Accountants’ Business Valuation Conference addressed the issue of marketability discounts. A question was raised about how the Quantitative Marketability Discount Model (QMDM) could be used to address the impact on DLOMS of the COVID-19 pandemic. Today’s post addresses this important question.

150 Days and the 10,000+ Steps/Day Challenge Continues


I have been writing from time to time on this blog about walking and fitness. This post recounts reaching 150 consecutive days of reaching the dual goals of 10,000 or more steps and five or more miles. It takes focus, but you can do it if you decide to. The post also includes a simple Rx for achieving 10,000 steps – or your goal – per day. I also introduce two forthcoming books!

Indiana Court of Appeals: No Discounts in Unclear and Mandatory Shareholder Agreement Buyout


The Indiana Court of Appeals reversed a trial court decision, concluding that valuation discounts in an unclear buy-sell agreement were appropriate even in light of the mandatory nature of the buyout. In other words, the agreement created a market and the trial court ignored this fact. This is an interesting case and yet another example of why valuation processes in buy-sell agreements must be carefully drafted to avoid such debacles when trigger events inevitably happen.

The Timing is Right for Large Gifts in Light of Pandemic-Induced Lower Equity Values


The COVID-19 pandemic has created, what is hopefully, a short-term opportunity to take advantage of resulting lower equity values to maximize the benefit of significant gifting transactions. Take advantage of the opportunity while it is here. When it is too late, it will be too late.

100 Days and the 10,000 Steps per Day Challenge Continues

Movement Is Therapeutic in a Time of Crisis


In recent weeks, I’ve written about what I’ve called a Personal Step Challenge that began on December 15, 2019.  My goal is to get 10,000 steps per day at a minimum, and also 5.0 miles at a minimum.  I added the five mile part because at 10,000 steps I’m a tad short that.  The broader […]