SPEAKER

Stephen Salley, BanyanGlobal

Governance for Family Business Owners: Replacing Frozen History with a new, Comprehensive Ownership Agreement (COA)

Many family businesses, as they move toward generational succession, face the fact that they were not family businesses when formed. They started as cash-strapped, under-advised, and impatient of "bureaucracy", expense, or detail. As a result, many family businesses have a "hodge podge" of ad hoc governance documents that often are no longer viable.

Steve will use a case study to show how a "governance time out" can be used as an opportunity to review the hodge podge of ad hoc governance documents and revisit the "frozen history" buried in the legal documents. In this case study, Steve will show how a formal process can be used to comprehensively revisit the business and its ownership, resulting not simply in an amended Shareholders' Agreement or Buy/Sell, but in a Comprehensive Ownership Agreement ("COA") that is suitable for the current needs of the family business owners and contains legally enforceable "default mechanisms" for those times when family owner consensus cannot be reached.

More About Steve

Stephen Salley is a Partner at BanyanGlobal. Prior thereto, he was a tax attorney for twenty-five years, most recently as a senior partner with Greenberg Traurig. Having grown up in a family business, Steve brings a sensitivity to the opportunities and challenges facing business families. He understands first-hand how family dynamics and the highly technical tax and estate planning structures mutually influence each other, for better or worse. Steve publishes regularly in legal journals and family business publications, and is a frequent speaker on topics that lie at the intersection of tax and trust law, and the dynamics among family business owners.

Hosted By

Event Details

Wednesday, June 22, 2022
1:45 pm Sign-in
2:00-5:00 pm Workshop

Logistics to access building & Covid-19 protocols:

Please note that entrance to the Deutsche Bank Center is via the 58th street lobby. Please be prepared to provide a Government Issued ID and COVID-19 Vaccination Confirmation upon arrival and please note that all visitor bags will be scanned by Security at the 58th Street Lobby Entrance.

All visitors are required to comply with all federal, state, local and applicable Covid-19 protocols when onsite, including those Covid-19 protocols implemented by Deutsche Bank. At this time, with your health and safety in mind. Deutsche Bank in-person conferences and events will require all attendees to provide evidence of their fully-vaccinated status, as defined by the CDC.

How to Register

Know How

Presentation materials are available here.