Holman Farms Foreclosure

Posted on: March 15, 2013

Imagine going from owning 22 properties throughout the South Okanagan, 7 wineries and a distillery to receivership, liquidation and a financial loss of all your equity and then some.  That is the unfortunate fate of the Holmans, the former owners of the Holman Farms, Lang Vineyards and other associated wineries.  According to a March 14, 2013 article in the Penticton Herald, Battle continues over controversial foreclosure, a bank foreclosure resulted in a significant financial loss given the appraised value of various business assets that were sold to pay outstanding debt.  They lost their businesses, they lost their financial growth, they lost their home.

This, of course, is a sad state of affairs that business owners do not anticipate when they nourish and grow their entrepreneurial dreams and start their business.  However, the reality is that many businesses fail for various reasons.  Those who own a business can learn from those who have failed despite considerable effort and planning. Keith Holman is quoted as stating “You’d better realize if you start getting the bank on you, you’d better get to [the] lawyers and be very careful about what you sign.”  I would take this one step further and say that you should not wait until the bank is on you.  Develop a relationship with a lawyer you trust who can act as your advisor throughout the life of your business.  It may cost you some time and some of your start up funds, but these will far outweigh the potential costs you will experience if you become involved in a contractual dispute or court battle.

 

Grape Supply Agreements

Posted on: June 22, 2012

Wine GlassGRAPE SUPPLY AND PURCHASE AGREEMENTS

Here are some terms to think about for grape supply and purchase agreements:

  • Length of agreement – set years? Evergreen? Commencement date?
  • Termination
  • Price – By ton? By acre? Fixed price or price schedule? Yearly adjustments in price?
  • Review of Price – Any bonuses?
  • Timing of Payments – Annually? Payments throughout year? (more…)

Intestacy – Dying without a Will

Posted on: June 22, 2012

Hand with PenINTESTACY – Do I Really Need A Will?

The simple answer is YES! Your will gives you some control over what will happen to the things that you own upon your death. You can make sure that the things that you own will go to the people you want to have them.

Your will is a legal document that leaves instructions about what you want done with everything you own at your death. Everything that you own at your death is called your estate. 

If you die without a will, there is legislation that sets out who will get your estate. You will have died intestate. If you die with a will that does not fully dispose of your estate, you have died partially intestate. The law that governs what happens to your estate on intestacy is called the Estate Administration Act (BC). (**Separate rules apply for First Nation persons under the Indian Act).

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