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Over the next 15 years, the youngest of America’s Baby Boomers will turn 65, and waves of small business owners across the country will get ready to cash out. Sales of Boomer-owned small businesses and wholesalers are expected to reach an apex by the end of the decade. And finding time to plan for the future can be hard—especially for wholesalers, who face intense competition, market consolidation, and day-to-day operating pressures. Thinking 12 months ahead can feel uncertain, and planning for next-generation ownership can feel even more daunting.

Under 35s are creating more companies, with higher headcount and greater profit ambitions. They show strong interest in the new economy, but not exclusively, and prefer diversification across their investments. Dubbed as the “Millennipreneurs,’ these are business starters from ‘Generation Y,’ born between 1980 and 1995, also known as Millennials. Each Millennipreneur has started an average of 7.7 companies, and 78 percent of successful Millennipreneurs come from families with a history of running their own businesses.

Marie Tillman was thrust into the spotlight on April 22, 2004, when her husband, former Arizona Cardinals safety Pat Tillman, was killed in a barrage of friendly fire in Afghanistan. Only a week after Pat’s death, as donations from strangers poured in to support the Tillmans, family and friends decided to establish The Pat Tillman Foundation in honor of Marie’s late husband. "Having the foundation to focus on was such a gift," said Marie. "I was able to take the time to heal because I knew I was doing something positive.”

Recognize that a cyber attack will occur at some point during a business lifecycle. Whether it is through web attacks, email phishing, exploit kits, point of sale, keystroke logging, or ransomware, the bad actors have figured out how to defeat your latest defense against a cyber attack. They know what will make you click on the link that will give them the beachhead into your computer system.

The federal government proposed sweeping new tax rules earlier this month that would dramatically affect family businesses, investment partnerships and other entities. These rules, which could become final and binding as early as the end of 2016, would artificially inflate the value of interests in family entities for gift and estate tax purposes. Families should now consider whether to accelerate their plans to transfer family business and investment assets ahead of these rules.

Under the IRS’s proposed new regulations, they would permanently and profoundly change estate planning for families that own a controlling interest in a privately held corporation, partnership, or limited liability company. The IRS has requested comments on the proposed regulations by November 2, 2016, and will hold a hearing on December 1, 2016. Even if the regulations are finalized in something close to their current form, portions of the regulations likely will be subject tochallenge on the grounds that they exceed the scope of the statute.

Commercial agreements come in a variety of types, but most have certain common provisions that should be carefully reviewed in the context of the underlying transaction covered by the agreement. When entering or reviewing one of these agreements, it is important to address the five key provisions that sometimes go unnoticed or are not given proper attention in the review process: (1) Confidentiality Provisions; (2) Indemnity Provisions; (3) Consequential and Special Damages; (4) Product Warranties; and (5) Audit Rights.

A significant step in the acquisition process is determining the structure of the deal. The two most common deal structures are: (1) the purchase of the ownership interests of the target (such as a stock deal), and (2) the purchase of substantially all of the target’s assets (or an asset deal). In an asset deal, the implication is that the target’s liabilities that are not expressly assumed by the acquirer remain liabilities of the target, and the acquirer will not have exposure to them. As a general rule, this is correct.

All business owners will transition their business at some point in the future. Whether it is a transfer within their family, such as to the next generation, or to an existing business partner or employee, or sold to a competitor or outside investor, transition will occur. Just as successfully run businesses do not happen overnight, transitioning well cannot happen without devoting the necessary focus and intentionality.

In a competitive global marketplace, employers across the United States spend countless resources attempting to set themselves apart and claim their share of available business opportunities. Against that backdrop, it is easy to understand why employers will do everything possible to protect the confidential information they have created and the goodwill they have built with their customers. Employees are a critical element in building that success, but they can also be well-positioned to undermine such efforts when a relationship turns sour or where they are courted by a competitor.