COVER STORY: FREE ENTERPRISE continued from page 16 a company that we represented since through incorporation and a corporate Wells Fargo & Co. the student founders formed it had reorganization and restructuring. By Lou Gallo, Senior a very successful exit. We worked with We have advised this client with respect Vice President this client for nearly 15 years, through to matters covering a broad range of When we met Irfan and all of its growth pains and multiple issues, such as raising capital, debt Aarti Raja, they were inter- rounds of financing. And, after a year- financings, expansion, employment mat- ested in opening a Wax the City fran- long courtship with the acquirer, the ters, investor relations, manufacturing, chise location in Montclair, New Jersey. deal closed under a significantly com- supply and distribution agreements, and Our bankers took the time to get to pressed time-frame. It was intense. several strategic acquisitions. In addi- know Irfan and Aarti, learning about But in the end, our client was thrilled, tion, our representation has included their short- and long-term goals holisti- and it was tremendously gratifying for assisting with trademarking, licensing, cally, and making the best recommenda- our Buchanan team who was alongside branding and other corporate matters. tions possible as they considered loca- the client each step of the way. Today, our client is a successful national tion options for their franchise. Like company for whom we act as a trusted many entrepreneurs, Irfan and Aarti advisor and outside general counsel. Cole Schotz P.C. needed startup capital for their business. By Jordan A. Fisch, Esq., Our bankers got to work by helping Co-Chair, Corp. Dept. Connell Foley LLP them secure the right SBA startup loan By John D. Cromie, Esq., for their needs. We then helped Irfan As a commercial law firm Partner, Chair, Corporate & and Aarti set up a business checking with offices in five states, Business Law Group account for their Wax the City franchise we are often presented with an oppor- and helped them sort through the vari- tunity to counsel entrepreneurial clients Connell Foley LLP’s corpo- ous merchant service and payroll tools with respect to new ventures. A typical rate attorneys often counsel startup they needed in order to run efficiently. engagement begins with counseling the entrepreneurial firms from formation Thanks to our collaboration and the client on which entity structure is best through growth and to a mature stage right financing, Wax the City Montclair suited for his current and future needs. of entity development. These types of is ready for business. As their bankers, Once a structure is selected, we provide assignments represent the ideal and we are here for Irfan, Aarti and Wax the assistance in the formation of that enti- most rewarding work for business attor- City through every phase of the business ty and the assembly of the paperwork neys. For example, several years ago, life cycle. necessary to provide our client with the Connell Foley was retained to represent proper legal foundation for their busi- an entrepreneur who sought to form a LAW ness. Thereafter, we are consulted with new consulting and advisory business issues that include corporate, tax plan- servicing the financial services industry. ning, real estate, environmental, We counseled the single-owner, limited Buchanan Ingersoll & Rooney employment, litigation and restructuring liability company through the formation By John Goldsmith, Esq., concerns. A client that we have coun- phase and addressed business advisory Shareholder seled for many years is an ingredients issues as the business grew. Later, after Our firm has worked and food products company. We have the entrepreneur had built a highly suc- with emerging growth been counsel to this client from the cessful business, we assisted in imple- companies for many years, so we under- inception of its business, guiding it menting a succession plan that stand the mix of legal and business addressed the owner’s estate planning challenges they often encounter. needs, as well as a phantom equity plan Experienced legal counsel can help a that allowed for senior management young company set the stage for future and employees of the firm to acquire growth and position them to withstand restricted equity in the closely held busi- the rigors of due diligence by profes- ness. This program provided the original sional investors and potential acquirers. entrepreneur with liquidity, estate and Since startups often lack the financial tax planning, a retention program to resources for experienced professional recruit and retain high-level employees, advice, we developed a suite of “critical and succession planning. Business attor- path” legal services to get them off to a neys are fundamentally problem solvers. solid start without straining their initial The ability to counsel an entrepreneur resources. It is a shared risk arrangement from inception through the various that provides emerging clients with cost phases of an entity’s life cycle is very predictability and flexibility without rewarding and allows counsel to per- straining their initial resources. Recently, form an integral role for clients. continued on page 20 COMMERCE • www.commercemagnj.com 18
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