Family-owned or controlled businesses make up roughly 90 percent of all American businesses. Unfortunately, only a third of family-owned businesses survive the transition from the first generation of owners to the second. A buy-sell agreement can ensure a successful transition by controlling how an interest in the business can be sold.
Franchising has had long-term success in the U.S. economy, both for franchisors and franchisees. Franchise businesses aren’t just fast food, either. According to a USA Today article, home health care is one of the top franchises in the US. Although most franchise systems—and most franchisees—are reasonably successful, buying a franchise isn’t always the right decision. As an attorney, your job is to insert some practical reality into your client’s franchise dreams.