Business Owner's Death, What Now?
Corporate Buy-out - Selling Shares - Forced to Sell - Buying out Shareholders - Buying into a Company
Contact Neufeld Legal PC at 403-400-4092 / 905-616-8864 or Chris@NeufeldLegal.com
The sudden and unexpected death of a business owner impacts many people, include those individuals who are employed and/or invested in that business. The ripple effects emanating out of this tragic event can be quite severe, demanding that you take appropriate action to protect your personal and financial interests, given that many of the subsequent actions will be largely out of your personal control, such that you are adequately prepared and protected against what might ultimately transpire with the business (without its formative leader).
The untimely death of the business owner can necessitate the sale of the busines by the executor / personal representative of their estate, with a business sale also being necessitated when the designated successors (heirs) are unwilling to assume control and responsibility for the business. A business sale can be highly transformative, such that it might well upend your expectations and involvement (i.e., employment or investment) as to the role that you have with the new ownership. Similarly, when new executives are brought in to operate the business in place of the deceased owner, this too can have serious implications on your future with the company, especially when promises were previously made and there is little, if any, intention to honor those promises going forward - as the new ownership / leadership has their own priorities and game plan for the business' future.
A. Impact on your Employment
B. Impact on your Executive Role / Leadership
C. Impact on your Investment in the Corporation
For knowledgeable and experienced legal representation when dealing with the sudden death of the business' owner, and its impact upon yourself as an employee, executive and/or investor, contact corporate business lawyer Christopher Neufeld at Chris@NeufeldLegal.com or 403-400-4092 / 905-616-8864 to schedule a confidential consultation.
