Protecting business for the future

Members of the Chadds Ford Business Association were briefed on protecting their businesses interests before and after they’ve gone. Attorneys Joe Bellinghieri and Mary Kay Gaver, from the firm MacElree Harvey, held an informal conversation with the group during its November lunch meeting last week.

The pair spoke of the need for having buy/sell agreements with shareholders or partners, possibly even employees or competitors. Those things function as insurance for the business to ensure the business can continue.

“It’s one of the things we make sure [business owners] are thinking about,” Gaver said. “If you have a corporation you would have a buy/sell agreement between the shareholders. If you have an LLC, it’s more a part of the operating agreement.”

She said those things are necessary because “life happens. Somebody could get disabled and you’re close with your business partner so, having those terms laid out and understood makes life much easier in a stressful time.”

One of the best things to do, she said, is to retain the services of someone to do a business evaluation to determine how best to preserve the business for the future.

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About Rich Schwartzman

Rich Schwartzman has been reporting on events in the greater Chadds Ford area since September 2001 when he became the founding editor of The Chadds Ford Post. In April 2009 he became managing editor of ChaddsFordLive. He is also an award-winning photographer.

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