2016: Hogan Law Group began working with a food company in 2014, taking many steps to prepare them for its eventual sale.
As is quite typical, we began the client’s case by analyzing the estate planning and asset protection status of the owners. We noticed although they had a strong basic foundation, the owners were all missing the asset protection elements of a viable plan. We coordinated with an estate planning firm to add irrevocable trusts for the owners, as well as establish three charitable lead trusts to assist with charitable giving.
We then began working to address the various issues facing the company and coordinated different initiatives to make it more attractive to buyers, such as obtaining first-time audited financial statements. We also looked at the company’s real estate and renegotiated the lease for the company headquarters, reducing monthly payments and lengthening the term of the lease. Additionally, we a tenant termination clause to give the company more flexibility for a potential new owner.
Next we looked at the company’s human resource policies and hired a consultant to standardize the HR practices and produce on-going and detailed record-keeping for employee discipline issues. Finally we implemented several cost-saving measures by bringing in an efficiency expert to reduce costs for items the company was already purchasing, thereby increasing the company’s profitability.
The result was now a company with greater market appeal and a more well-run organization. Early in 2016 the company was sold and the owners obtained nearly 40% more than anticipated for their interest in the company.
2015:In late 2015 we achieved a judgment against a debtor on behalf of our client, a Manhattan-based real estate investment firm. The action began in 2014 and involved the non-payment of a real estate loan by a former employee of the client. The employee claimed the late chairman of the client had excused him from paying the debt, but no record existed of any such forgiveness of debt. We initiated the case, conducted extensive discovery, and finally obtained a judgment of just under $625,000.00. Within two months of the judgment, we located assets belonging to the debtor, which we seized in order to make full payment to the client.
2014: Southern California industrial services company owned by two parties. Represented the minority owner in buying out the majority holder, succeeded in negotiating a final sale price that was lower than the buyer’s original offer, due to detailed analysis of the seller’s psychology and the company’s financial situation.
2013: Southern California telecommunications company; privately held; assisted 4 of the 5 owners with establishing charitable vehicles to receive 10-30% of net proceeds following the sale—then worked for 11 months to close the sale (asset purchase), realizing a gross sale price of approximately $65 million for the owners.
2008: Won a verdict in a jury trial of over $650,000-including damages, interest and attorney’s fees- in a complex business litigation (Eugene Seymour, M.D., et al. v. Total Media Group, Inc., et al, Los Angeles Superior Court, Case No. BC 358351.