Last week West Academic Publishing released the fourth edition to Dwight Drake’s book Business Planning: Closely Held Enterprises (776 pages). The fourth edition features many important changes that far exceed in both scope and substance changes made in prior editions.
Key fourth-edition highlights include:
- Twelve new case study problems have been added, increasing the total number of problems from 53 to 65.
- New or expanded discussions have been added dealing with: limited liability traps; undocumented partnership traps and risks; the design and drafting of partnership and LLC operating agreements; dividend challenges; going public realities; capital structure basics; crowdfunding and the JOBS Act of 2012; oppression risks; healthcare reform; and judicial enforcement of buy-sell agreements.
- Perhaps the most significant addition is a recap (which includes three new case study problems) of the statutory basics of limited liability companies and the four types of partnerships, designed for those (there are many) who never gained a grasp of these core concepts.
- All tax discussions have been updated to include the significant changes of the American Taxpayer Relief Act of 2012 and thoughts on what might be coming in the future.
- Five case study examples have been added to the choice-of-entity “factor” discussion to better illustrate the impacts of various factors.
- The discussions relating to securities law exemptions, deferred compensation, and business valuations have been revised, repositioned and substantially shortened. We suggest new businesses to get a lawyer for any questions regarding laws about businesses. Here is a great Chicago business lawyer.
Although many new discussions and student problems have been added, the word count increase in the fourth edition is only three percent, and the page count dropped 60 pages due to a slight increase in page size.
The Advisor’s Edge:
Unprecedented competitive pressures require that businesses have access to planning advisors who can target objectives, offer smart solutions, and effectively communicate with owners and executives. The development of these essential planning skills is the primary focus of Business Planning: Closely Held Enterprises. In this legal guide to business planning, Professor Drake uses numerous case studies and a variety of reader-friendly formats to examine a broad range of planning challenges faced by businesses, both large and small. The challenges analyzed go far beyond start-up and sellout issues to include executive compensation, co-owner planning, fringe benefits, life insurance planning, entity conversions, asset protection planning, employee risks, competitor collaborations, diversification strategies, transition planning, and more. The discussions provide an indispensable mix of technical concepts, business facts, and practical insights, including real world tips for building a practice that serves the needs of business owners and executives.
Written from Experience:
For over two decades, Dwight Drake built and managed a highly successful legal practice that exclusively serviced the planning needs of business owners, executives and professionals. During this time, Professor Drake served in numerous advisory capacities, authored over 75 certification programs for planning professionals, and became a popular speaker at planning conferences throughout the country. Later in his career, he put his own advice to work as the majority owner and CEO of a large private business that he built and ultimately sold to a public company. In capturing the breadth of his experiences as an advisor, scholar, and business owner, this book showcases his no-nonsense, objective-focused approach to strategic business planning.