Family and Closely Held Businesses

In many aspects, family and closely held businesses face a set of challenges unlike any other. Consider, for example, that in many states, especially because shares in closely held companies are considered “illiquid,” the shareholders, directors, and even executives may owe a heightened or fiduciary duty to fellow shareholders, directors, and employees. These heightened or fiduciary duties may expose you to greater liabilities that you may not be aware of. Axenfeld lawyers can guide you to fashion a rigorous disclosures and compliance regime to help deal with these risks.

More often than not, family and closely held businesses have, by their own design, a small number of shareholders who play a very important part in the success of the business. This also means that the business should consider protecting itself from unforeseen risks. Axenfeld can advise you through your shareholder agreements, buy-sell agreements, and other succession planning issues unique to businesses of this type.

And sometimes, because family and closely held businesses inherently run part-and-parcel with family dynamics, disputes may arise. Our lawyers are also experienced in resolving family and closely held business disputes.