Category: Business Law
BGS Attends Annual DSTA Holiday Party
December 9, 2022 | Toni PerrierOn Friday, December 2nd, BGS attorneys Carole Clark Isakson and Erik Ordal, with paralegal Rachel Schwankl, enjoyed an evening in Duluth at the Duluth Superior Transportation Association holiday party. Isakson just concluded her second year on the board of directors for the DSTA. BGS is an avid supporter of the DSTA and other transportation related organizations. The firm plays an important role in the transportation industry as it provides legal advice to trucking companies large and small. Our transportation department has decades of experience in this specialized field and advises its clients on a variety of topics including; contracts, independent contractor rights, regulatory matters, cargo damage claims, mergers and acquisitions, employment matters and more. With more than 30 attorneys BGS is able to provide the services its trucking company clients need. Contact us with your transportation inquiries to learn more about the role BGS plays as counsel to transportation companies and the services provided. Barna Guzy & Steffen, ltd
Read MoreAn Overview of Business Valuation and Division in Divorce
October 13, 2022 | Jason C. Brown
Business owners face a unique set of challenges as part of a divorce. The valuation and division of business interests can be complex and stressful. At a fundamental level, understand that a business is an asset of its owner. Minnesota law provides that the assets of the parties to a divorce are divided in an “equitable” manner. That almost always means equally. Minnesota law also recognizes that if a party to the marriage brings an asset into the relationship, the asset likely has a nonmarital component that is not subject to division. If the value of the nonmarital business grows during the marriage, the increased value is considered marital. The key to determining the significance of business ownership often rests in the value of the business itself. Naturally, the more valuable the business, the more attention it receives. Business valuation is as much art as science. Our family law group works with the more reputable business appraisers in the Twin Cities. These experts typically invoke one of three methods to offer an opinion as to the market value of a business: (1) the balance sheet approach; (2) the multiple of profits approach; and (3) valuation based on comparable business sales. Valuation of a business using a balance sheet approach is relatively straightforward. The…
Read MoreWhat Should be Included in an Arbitration Clause Used in Business Contracts?
October 10, 2022 | Joan M. Quade
Many companies are choosing arbitration to resolve business disputes, as litigation has become more and more expensive, and it sometimes takes years to get to trial. The district courts are still very behind from the COVID pandemic, adding to the delay. Even after trial, the appeals can go on for years, costing additional resources and time. So, what do you put into an arbitration clause that accomplishes what you want? First, you should always consult with your attorneys based upon your particular business needs. They can draft the perfect arbitration clause for you, after discussing your business goals and philosophy about dispute resolution. Some companies need or want to take a more litigation-like approach regarding disputes and want a requirement to arbitrate because of its cost savings and speed, but also to include some rights to limited discovery in the process. Other businesses take a more collaborative, problem-solving approach to reach a mutually beneficial and economical resolution to problems. They want a requirement in the clause to attempt to resolve any disputes before they file for arbitration, through settlement efforts or even mandatory mediation. If the collaborative, problem-solving method does not work, they want to streamline the dispute resolution through a well-defined arbitration process. Both philosophies need specific clauses that spell out the…
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