Buying an Operating Business – Step 2. Make sure your purchase agreement is well developed and covers post-closing matters!
October 9, 2025 | Carole Clark Isakson
A large portion of my day is spent working on transactions for clients who are either buying a business or selling a business. Having walked so many people through this process over the last three decades I have a pretty well-developed system for explaining how transactions typically work, what issues to watch for, and best practices. This blog is the SECOND of three addressing the sales and acquisition process for private transactions. For simplicity, I will address the process from the buyer’s perspective. I will also assume that the companies involved are corporations, although of course they could just as easily be limited liability companies, in which case the information will be the same, albeit with different terms. While the topics covered in this blog and the statements made apply in the majority of transactions, every transaction is different. Do not rely on this blog when undertaking a transaction; that should be done in connection with legal, tax and other professionals. Here is a reminder of the typical sales process: Execution of Non-Disclosure Agreement and preliminary limited information sharing. Execution of a Letter of Intent, which triggers much more extensive information sharing and the start of the formal due diligence process. Negotiation of the Purchase Agreement terms, and completion of all due diligence. Closing! Post…
Read MoreBuying an Operating Business – Step 1. Know Your Seller, Know the Process.
October 2, 2025 | Carole Clark Isakson
A large portion of my day is spent working on transactions for clients who are either buying a business or selling a business. Having walked so many people through this process over the last three decades, I have a pretty well-developed system for explaining how transactions typically work, what issues to watch for, and best practices. This blog is the FIRST of three addressing the sales and acquisition process for private transactions. For simplicity, I will address the process from the buyer’s perspective. I will also assume that the companies involved are corporations, although of course they could just as easily be limited liability companies, in which case the information will be the same, albeit with different terms. While the topics covered in this blog and the statements made apply in the majority of transactions, every transaction is different. Do not rely on this blog when undertaking a transaction; that should be done in connection with legal, tax, and other professionals. A purchase of a business can be accomplished by buying the ownership interests in the business (here, buying the stock) or buying the assets. There is less risk for a buyer in an asset purchase, although the seller may prefer to sell stock in order to minimize his/her tax liability arising from the sale….
Read MoreAnticipated Changes for Medical Assistance Recipients in 2026
September 9, 2025 | Cathryn Reher
President Trump signed the Federal Reconciliation Bill (H.R.1) on July 4, 2025. This will change Medical Assistance benefits for most Minnesota recipients. The changes are anticipated to begin in the fall of 2026 at the earliest. The State of Minnesota will need to pass legislation in the 2026 legislative session to remain eligible to receive federal funding for its Medical Assistance programs. After that, the Minnesota Department of Human Services will need to issue policies to implement the legislative changes. The Estate Planning Department at Barna, Guzy & Steffen represents Medical Assistance recipients and their families. BGS is focused on providing our clients and their families with as much time as possible to prepare for these changes. We are actively monitoring the potential impact of the changes to federal and state Medicaid laws and policies. It will be important to continue to track the anticipated changes through media sources, to follow up with your financial case worker and case managers, and to seek counsel as needed through this time of change. If you have questions regarding these upcoming changes the attorneys in our Estate Planning Department are here to assist you.
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