Transfer of Closely Held Business Interests
Business Succession Planning
Presetned by Nate Cook and Michael Veruto, Klausner Cook, PLLC
Proper business succession planning must address three fundamental questions:
- How will the business be managed when the current Principal is gone?
- Who is intended to eventually own the business?
- How and when will ownership be transferred to the intended new owners?
This presentation will discuss common considerations in determining how best to posture your business, in advance, for a successful transfer when the time comes to do so. Among other topics, we’ll explore how to structure your business for successful transition, how to ensure robust and consistent management when the Principal can no longer participate, and what techniques can be used to transfer ownership in a manner that does not disrupt business operations when the Principal passes.
Nate Cook – Partner at Klausner Cook, PLLC
Nate Cook represents businesses and individuals in connection with a wide array of corporate, finance, real estate, and intellectual property transactions. Nate’s clients include banks, real estate developers and operators, middle market companies, and emerging technology startups.
Nate regularly advises companies on raising capital, mergers & acquisitions, the purchase, sale and development of commercial real estate, financial transactions, corporate governance, and the protection and licensing of intellectual property assets.
Nate also teaches courses on entrepreneurship, commercialization, and early-stage finance and venture capital transactions at Cornell University.
Michael Veruto – Of Counsel at Klausner Cook, PLLC
Michael has almost 25 years of experience working for the NYS Unified Court System as an attorney and administrator in both the Surrogates Court and in Supreme and County Courts. He has also worked as a Referee/Hearing officer in the Surrogates Court where he heard litigated cases involving estate, trust and guardianship matters. He has taught Continuing Legal Education courses on a variety of topics, was appointed to the New York State Second Special Commission on Fiduciary Appointments by the Chief Judge of the State of New York and was a Regional Coordinator for the New York State Courts Electronic Filing program (NYSCEF). In addition to his work as an attorney, Michael has a long family history in real estate and business development spanning a variety of industries. He is a former member of the Board of Directors for the National Center for Missing and Exploited Children, Buffalo branch, a former member of the New York State Surrogate Decision Making Committee and a former member of the Niagara County Behavioral Health Justice Committee. His work at Klausner Cook, PLLC focuses primarily on Estate Planning, Business Succession Planning, Estate Administration, Real Estate and, occasionally, litigation.
