Featured Topic | Bassford Remele

Join us at Bassford Remele's 2024 Annual Construction Law Summit, on Thursday, February 8, 2024, presented with WIPFLI and Lockton!

12:00-12:30  Registration and Lunch

12:30-1:15  Welcome and "Strategies and Considerations for Construction Professionals Who Are Thinking About Investing and Succession Planning in Closely-Held Companies"

1:15-1:25  Break

1:25-2:20  "Legislative Update"

2:20-2:30  Break

2:30-3:15  "Mitigating the Risk of New Technology"

3:15-4:00  "Hot Trends in the Construction Industry and What You Need to Know About These Trends"

4:00-5:30  Happy Hour

3.00 hours of Residential Building Contractor continuing education credit approved from the Minnesota Department of Labor and Industry

Location

Oak Ridge Country Club, 700 Oak Ridge Road, Hopkins, MN 55305; no fee to attend

Contact Janet Nelson with any questions.

Register

12:40-1:15: Strategies and Considerations for Construction Professionals Who Are Thinking About Investing and Succession Planning in Closely-Held Companies

• The Basics
  • Market considerations
  • A clear objective that takes into account the likely scenarios
  • A short and long-term plan for executing your plan
  • A working understanding of the law and how it affects your plan
  • A working understanding of the tax code and how it affects your plan
  • A data-backed understanding of what you want vs. what you can get
  • Independent input on your plan

• Market Considerations
  • "Keeping up with the Jones’s” when it comes to technological developments.
  • The historical trend of internal deals vs. the increased appetite for deals with external actors.
  • Competitive dynamics in the marketplace

• Your Objectives
  • What are your goals for each potential player at the table (i.e., yourself, your family, your employees, and parties that you want to participate in a transaction)?
  • How are these impacted by different exit scenarios?
  • What is your timeline (i.e., timeline for a sale and how that fits into the company’s 1/3/5-year plans)?

• Short and Long-Term Planning for a Deal
  • What do you need to do to “get ready?”
    • Preparing for due diligence / making sure your data is well organized and easily digestible
    • Having your lawyers, accountants, etc. on notice and in control of important data
  • What you can do to reduce risks and the likely hiccups you may face

• The Law and How it Might Affect Your Deal
  • Knowing your venue
  • Knowing the applicable business codes
  • Comparing the law to governing documents and/or an estate plan
  • Dealing with the state or federal government
  • Non-disclosure agreements
  • Litigation risks
    • Shareholder disputes / injunctions
    • Directors and Officers Liability
    • Declaratory relief / breach of contract law
    • Non-competition concerns / trade secrets

• The Tax Code and How it Might Affect Your Deal
  • Estate tax exemption (State and Federal, and the constantly changing estate tax laws)
  • Stock vs asset sale
  • Tax efficient equity roll
  • Special tax incentives

• Data
  • Where is your company at in its lifecycle and what are the important metrics you track?
  • To re-iterate: all important data must be well-organized, digitized, and easily digestible
  • Your 1/3/5-year plans should be detailed and explainable
  • Ensure your financials are cleaned up and accurate

• Independent Input on Your Plan
  • Friends and family
  • Consultants
  • Lawyers
  • Accountants
  • Insurance broker

Presenters: Kyle Willems (Bassford Remele), Wynne Reece (Bassford Remele), Anthony Gullickson (Wipfli), Connor Danford (Wipfli), Teresa Martin (Lockton)

1:25-2:20: Legislative Update

• Important Changes in Minnesota law and How They Impact Your Business
  
  
• Employment Law-Related Changes
  • Brief summary of changes
    • Employee policies/handbooks to comply with new laws:
      
    • Earned sick and safe time
    • Testing for Marijuana
    • Pregnant and nursing women accommodation
    • Closing the wage disparity by prohibiting wage history inquiry
  • Updating employee policies
• Anti-Indemnity Changes
  1. Summary of changes
  2. Updating subcontracts, insurance forms
     
• Other Legislative Updates
  1. Non-Competes – summary of changes and updating contracts
  2. Wage Theft

Presenters: Janine Loetscher and Beth LaCanne (Bassford Remele)

2:30-3:15: Mitigating the Risk of New Technology

• The Basics
  • Technology has many positives
    • Efficiencies & Effectiveness
    • Increasing the bottom line
  • Let's chat through the risks
    • Efficiencies & Effectiveness
    • Increasing the bottom line

• AI & Automation Risks
  • Contract Writing
  • Underwriting

• Risk of Drones
  • Insurance Risks
  • Legal Risks

• Cyber Security
  • How to protect your data
  • Tools to have in place

• Understanding When You’re Liable
  • Legal
  • Insurance

Presenters: Benjamin Gilchrist (Bassford Remele), Michael Pfau (Bassford Remele), Connor Danford (Wipfli), Thomas Kleinschnitz (Lockton)

3:15-4:00: Hot Trends in the Construction Industry and What You Need to Know About These Trends

• Sub-Contracting Defaults & Sub-Contracting Prequal
  • State of the market
  • Best-in-class systems
  • Financial information for your org to watch
  • Due-Diligence on Contracts
• SDI, OCIP/CCIP and Captives
  • Understanding the insurance

• Outsourcing, People Retention and Investing
  • Why and what to outsource
  • Who is retaining talent and why
  • How to invest in your talent
  • How technology and outsourcing retain talent
• Energy Incentives
  • Tax credits you should know about

• Safety & Building Risks
  • Best in class to reduce risks
  • Technology options
• My top line grew but my operations stayed the same. Now what?
  • Operating like 50M, 100M, 150M etc. company
  • Key items bigger players are investing in

Summit Schedule

There is no fee to attend the 2024 Bassford Remele Construction Summit.

Contact Janet Nelson with any questions.

Register