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Tax and Financial Planning for the Closely Held Family Business

Gary A. Zwick and James J. Jurinski

Tax and Financial Planning for the Closely Held Family Business serves as a manual to help business advisers devise strategies for clients dealing with family issues. Guiding family businesses through the complex maze of organizational, tax, financial, governance, estate planning, and personal family issues is a complex, time-consuming, difficult, and sometimes emotional process. This book focuses not only on identifying the problems family businesses face, but on devising solutions and planning opportunities for both family businesses and their owners. Each chapter of this book contains creative planning opportunities that advisers can suggest and help implement in order to solve real problems in the family business.
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Gary A. Zwick and James J. Jurinski


This chapter discusses power struggles, squeezeouts, and deadlocks in family-owned businesses, the adviser's role in resolving them, as well as techniques to protect minority shareholders. The chapter details the reasons for power struggles including both family and business reasons. The chapter discusses how minority interests are created and why difficulties frequently arise in the operation of a family business. It also discusses squeezeout techniques used by majority shareholders who enjoy control of the business against the minority shareholders to force a buy-out of their shares. The chapter also includes a detailed discussion of how different types of stock and bylaw restrictions can be used to protect minority shareholders in a family business. Finally, the chapter discusses the consequences of, and remedies for, shareholder deadlocks. Although the discussion in this chapter focuses on shareholders and corporations, the same problems and solutions will work for businesses organized as partnerships or limited liability companies.

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