Family Business Law and Advisory
"After 25 years as legal counsel to the Solow Family, I asked Bud to take on full leadership responsibilities of our family business. For the next twelve years, as President, he not only provided for the succession of the chief executive officer, but he put in place a strong operational, financial and marketing team. As a direct result of his productive efforts, Bud has paved the way for our company’s continued success.”
Alan M. Solow
CEO and Chairman of the Board, Prudent Publishing Company
“There are very few people you meet who live up to the billing “guru.” Soon after my father told me that Bud D’Avella was a guru of advice for family businesses, I learned that to be true - yet also not fully descriptive - of Bud. Bud’s calm demeanor, smarts, neutrality, and strength are just a few of the assets which, along with his wealth of experience, make him uniquely qualified to provide guidance to family businesses.”
David J. Singer, CLU
President, The Singer Insurance Group, Inc.
“Our two-family, multi-generational industrial business had come to a critical junction and disagreement among the owner-managers that threatened the continuation of the business. Bud D’Avella was brought in to help mediate the issues. His ability to listen to both sides, discern the real underlying issues and present a reasoned and practical path forward allowed the parties to re-align themselves and continue the business. Bud’s legal and business experience, combined with his excellent inter-personal skills, provided a unique perspective and approach. He would be a tremendous asset to any company looking to expand its Board of Directors.”
James Reynolds
Former Chairman & CEO, Croll-Reynolds Company, Inc.
“Mr. D’Avella literally saved the small family business that I ran for 5 years. Had Mr. D’Avella not met with the family owners, established a Board of Advisors and provided monthly positive, clear, concise direction, the family business and I would have failed.”
Kenneth Ballantyne
Former President and CEO, LP Music Group
“I’ve known Bud going on 30 years. He served for many years as both our Corporate Counsel and advisor to our outside Board of Directors. In those capacities his legal expertise, as well as general business advice, was of significant value in helping us grow our company both organically as well as through many acquisitions he helped negotiate and execute. He also provided guidance in the Human Resource policies of my company as well as my personal estate planning. Most memorable for me personally was his help in the successful 1998 purchase of my company from a very reluctant and difficult seller. This was the culmination of an almost three year negotiation. I’m not sure I would have made it without Bud’s help. I’ve told many people that I’d rather have done a second tour in Viet Nam than go through the protracted negotiations to buy the company. But Bud kept me sane and focused on the finish line.”
Robert H. Busch, President and CEO
All-State Legal
“When we formed our business with a French partner in 1988, insoluble problems with the License Agreement and his Canadian affiliate augured an early end to this relationship. Fortunately, we had Bud D'Avella to see us through a very complicated dissolution, formation of the new corporation, establishment of working agreements among shareholders, creation of life insurance trusts -- all this while we concentrated on building a new business under difficult circumstances. Years later, Bud intervened when an outside associate attempted, unsuccessfully, to gain control of the company. My former partners and I are grateful to have worked with such a gifted and resourceful individual as Bud; without his invaluable counsel, the outcome would have been decidedly negative. Bud D'Avella is a uniquely exceptional complement to organizations on the path to success.”
Joseph L. Costa
Former President and Chairman, Depot America, Inc.
In 2009, our seventy-seven year old third generation family business was on the verge of bankruptcy. There were solutions, but the family was unwilling to make the necessary sacrifices the company needed and unwilling to support those deemed most capable to develop plans and lead the company to a successful outcome.
We had the good fortune of meeting Bud D’Avella through a mutual acquaintance and the good sense to invite him to serve on our Board of Directors. Bud rebalanced our Board with independent directors to serve along with family members. This was no small achievement given how entrenched and territorial family directors were. With Bud’s guidance and the support of a Board majority, we were able to develop a workable strategic plan that could be implemented and would ensure the business' success as well as provide long term financial security for all the family members.
Bud brought to our organization more than just sound business planning. His success came through his exceptional ability to reason things out. His finesse was crucial in handling difficult situations and difficult people whose outlooks were often not in the best interests of the company or in their own best interest. He understood the strong emotional elements that are embodied in any family business and the need to address those issues without encumbering the business beyond its capabilities.
Bud’s leadership in guiding us through all the issues we faced was immense. I am certain without him we would have not been successful. Bud is a gentleman with style and character. He has wisdom and insights not only gained through many years of experience working as a business executive and former attorney, but through the many businesses that have benefitted from his expertise and counsel.
I am very proud of my association with Bud D’Avella, not only as a business colleague but as a very dear friend.
John D. Christman
President, W.A. Cleary Corporation
Mergers and Acquisitions / COMPLEX MEDIATION
“In my nearly 20 years of representing family owned businesses, one stands out as the most adversarial – in fact, the proper phrase is “downright vicious.” The highlights of the infighting between family members included a stabbing, a covert listening device, a 2x4 through a car window and some of the most creative ways to steal from a family business that I have ever seen. The fight lasted for six years prior to Bud being appointed by the Court as a Custodian for the business with the task of selling the business during the pendency of a shareholder oppression suit, the Great Recession, divorce proceedings involving the first generation of ownership and several non-business related disputes among the family members. Within two years of being appointed, Bud resolved the issues which impeded the marketing of the business, worked with investment bankers in the marketing of the businesses and, once a buyer was selected, negotiated the sale of the business for in excess of $70 million at an impressive multiple of EBITDA. At no time did the family members make any element of the transaction easy with court motions and intra-family negotiations lasting through the eve of the closing. Bud was omnipresent and succeeded against all odds in achieving a result beyond anyone’s expectations notwithstanding the parties’ continued and repetitive acts in direct contravention of effectuating the sale of the company.”
Nick San Filippo IV, Esq.
Partner, Co-Chair Business Divorce Group
Lowenstein Sandler, LLP
“I had the privilege of getting to know Bud D’Avella during the years we worked together on a complex family business divorce. Bud served as court-appointed Custodian, and with exemplary skill and devotion he was able to steer through a level of distrust between shareholders that threatened a flourishing business with dissolution. Bud managed to successfully market and negotiate a sale of the company, and to also mediate a settlement of protracted shareholder litigation. These were results that exceeded reasonable expectations. Bud is a natural mediator - - the perfect choice for any situation that requires the experience, credibility and personal qualities needed to get people to move past ‘No’.”
Brian Coven, Esq. - Counsel to the Custodian
Member, Sills Cummis & Gross P.C.
“As an investment banker to the middle market, we often work with businesses that involve family. Many more times than not, the family dynamic complicates the fine line between “personal” and “business”. Accordingly, the success of the business becomes at risk. My work and experience working with Bud D’Avella in one of the most challenging cases I’ve been involved with has led me to believe that there’s no professional better suited to handle such situations. Rest assured, whenever we encounter a challenging business/family issue, we will be seeking Bud’s professional expertise.”
Effram E. Kaplan - Investment Banker engaged by the Seller
Brown Gibbons Lang & Company
“Bud entered into a very difficult situation where he was appointed as Custodian to a family-held company where the shareholders (including my clients) had a long history of intense family and business disputes. Bud was able to engineer the sale of the company for a premium price, and negotiated favorable deal terms against lawyers from one of the top firms in the U.S. But even more impressively, he was able to ultimately achieve shareholder buy-in through an artful combination of heart-felt persuasion, strong pressure, family therapy, expert analysis and old-fashioned horse trading. Bud can and does put on all of these hats to get a job done!”
Robert F. Coyne - Counsel to the Majority Shareholders
Member, Gibbons, P.C.
“Throughout my 15 years of private equity experience, I have had the chance to work with attorneys from various firms on mergers and acquisitions. Bud D’Avella represented a business we acquired that was in the midst of several legal disputes. The process would have been significantly prolonged had Bud not been appointed to help resolve the issues between our counsel and the sellers’ counsel as well as the sellers themselves. His infinite patience and straightforward approach not only kept the process on track, but also allowed us to reach a close. As challenges arose, Bud repeatedly demonstrated his creativity with well-crafted solutions. We were truly grateful to have him involved and look forward to working with him again.”
Corwynne Carruthers - Purchaser
Managing Director, Kinderhook Industries
“How about just one word -- 'Solomon.'”
Robert E. Michalik - Purchaser
Managing Director, Kinderhook Industries
Board Membership and Governance
After several years working with outside consultants trying to establish a family succession plan Bud D’Avella was referred to us to bring the entire process together. He was very thorough and a competent professional who always had our best interests in mind. We always felt that our company and its shareholders were in very capable hands. What we especially liked about him was his ability to remain calm in any situation and complete whatever tasks were assigned to him. New shareholders and employment agreements were drawn up expeditiously. He became an integral part of our business and we owe him a debt of gratitude for his service. He is a solid attorney and business man who practices by the highest standards. We highly recommend Bud to any family business that may require his talents.
Anthony Giacoio
Former CEO, Capezio Ballet Makers
“Bud contributes to corporate boards a unique combination of experienced lawyer and years of experience at the helm of successful business entities, whose growth is testimony to his successes. He adds to this unique mix another unusually effective combination - warmth coupled with strength and candor that brings resolution from dispute, and consensus from contention.”
William J. Heller, Esq.
Senior Vice President and General Counsel, New York Football Giants, Inc.
Former Partner, McCarter & English
“More than 20 years ago, I retained Bud D’Avella and his then law firm to assist with succession planning for our insurance firm, which I started in 1957. He worked with us regularly over the next ten years, after which he assisted me in selling my business interest to my son. Even after he left his practice to run the business of a former client, we continued to draw on his expertise by having him serve on our Advisory Board. Almost four years later, he assisted my son in bringing his stepson, an attorney, into our business. During these past years as a fellow member of our Advisory Board, Bud is still contributing his business acumen and legal background to help our business thrive. He is knowledgeable, caring and committed. He continues to be a valued advisor and friend to three generations of our family.”
Herbert H. Owens
Chairman Emeritus, Owens Group