Conflict in the Family Business: Managing Conflict Through Legal Agreements

Conflict in the Family Business:
Managing Conflict Through Legal Agreements

by Robert B. Curran
Whiteford, Taylor & Preston

Disagreements and conflict among owners or managers of closely-held firms can have devastating consequences. A company’s inability to anticipate and resolve internal strife could threaten the very existence of the firm.

In many cases, such conflict can be prevented or resolved through carefully prepared legal agreements.These can direct parties on issues such as corporate governance, establishing and modifying compensation arrangements, circumstances requiring the withdrawal of a participant, and setting the price and terms for purchasing a department participant’s interest. More…

Sharing Some Family Secrets

Sharing Some Family Secrets

by Gail Shaffer

Family feuds aren’t funny when they threaten the survival of a business. But where do small, closely-held companies with internal problems turn for help? Loyola College has one answer: Learn from other closely-held companies with similar problems.

The Baltimore College is home of the fledgling Loyola Center for Closely Held Firms, which offers advice and seminars to operators of small companies looking for management solutions. Attendance at the organization’s early seminars has been healthy, but the group’s steering committee plans to redouble its marketing efforts to interest firms in membership.

The center is the result of a three-year planning effort by three founding sponsors–First National Bank of Maryland; Frank, Bernstein, Conaway & Goldman; and C.W. Amos & Company–as well as faculty members of Loyola’s Sellinger School of Business and Management, and principals from a few local, closely-held firms. Its mission is to serve the specific needs of closely-held and family-owned firms. More…