Individuals and families who establish small to medium-sized businesses take several steps when setting them up, including forming an entity, obtaining a tax identification number, and obtaining key man, liability, and other types of insurance. However, one very important step that is frequently overlooked or not considered until it is too late is succession planning and, related to that, estate planning. It is likely, if not inevitable, that at some point in time there will be a change in control of the business, whether because of the retirement or death of one of its principals, a divorce, the business filing for bankruptcy, a sale of the business or some other event. These types of changes can have a significant impact on various aspects of the business, including its leases and other contracts, its employees, its relationship with its vendors and suppliers, and its overall operations. If the business is a franchise, there are additional considerations and risks, and care must be taken, and planning conducted, to avoid the franchisor deeming whatever the change is to be an “unauthorized transfer” and therefore claiming the franchise agreement has been violated and seeking to terminate the franchise.

In this CLE program, a panel of distinguished practitioners from the Association’s Probate and Trust Law Section, and the Business Law Section's Small Business and Franchise Law Committees will discuss the various types of changes in control that can occur and what steps can be taken, and what best practices can be employed, by owners of small to medium-sized businesses, including franchisees, so they are well prepared for such changes, to ensure the continuity and long-term success of the business, and to safeguard the legacy built by the franchisee or other business owner.

Speakers: 
Eric Díaz, Founder and Managing Partner, LareDiaz
Devin S. Fox, Of Counsel, Stevens & Lee
Daniel R. Levine, Member, Cozen O’Connor
Charles S. Marion, Partner, Business Litigation, Blank Rome LLP
Craig R. Tractenberg, Partner, Fox Rothschild LLP

Please note that there is a cost to attend. CLE credits are available.