News (All)

CMM Partner Jeffrey Basso Earns AV Preeminent® Rating from Peers for Ethical Standards and Legal Ability

Posted: November 5th, 2020

Campolo, Middleton & McCormick, LLP is pleased to share that Partner Jeffrey Basso has earned an AV Preeminent rating in Martindale-Hubbell®, the highest possible rating from the most recognized and trusted legal directory and resource for 150 years. Ratings reflect the anonymous opinions of members of the bar and the judiciary, recognizing attorneys for both ethical standards and legal ability.  Basso joins all Senior Partners as well as numerous colleagues at the firm who hold the AV Preeminent rating.

In a peer review, a fellow attorney reported, “Jeff and I have worked closely on several matters over the past two years, including two expedited matters in the Delaware Court of Chancery” [recognized as one of the nation’s most prestigious forums for business disputes]. “He is a highly knowledgeable and effective advocate who is versatile and can successfully litigate a variety of complex business disputes in a lead counsel role. Jeff is especially able to quickly cut to the heart of the matter and attain efficient, successful resolutions in the best interests of his clients.”

Basso represents business owners and partners, corporations, corporate officers, shareholders, and investors in a variety of litigation matters in state and federal court involving business and contractual disputes.  An aggressive litigator, Basso has vast experience prosecuting and defending matters involving employment contracts, non-compete agreements, trade secrets, fiduciary duty, breach of contract, hour and wage disputes, real estate transactions, investments, and construction matters. He is also experienced in representing clients in business divorce matters, including the negotiation of creative strategies to divide assets, as well as business divorce litigation. 

Read more about Basso and contact him here.

Business Unusual 2020 Inspirational Video Montage

Posted: October 29th, 2020

This spring, Joe Campolo and Peter Klein launched a weekly webinar to help lead the business community through the pandemic by sharing insight with industry experts, nonprofit leaders, elected officials, and business owners about how to move forward most productively. Check out this uplifting video featuring highlights from Business Unusual’s 2020 season. Thank you to all our guests and viewers for an unforgettable and positive experience!

Find your favorite episode here.

Back to Basics – Session 2: Client Satisfaction

Posted: October 28th, 2020

Event Date: December 2nd, 2020

CMM Strategies & Moving Forward Seminars Presents:

Back to Basics: Moving Your Business Forward in 2021

Looking forward to a better 2021 for you and your business? The strategies you relied on to get motivated and build your business before the pandemic just won’t cut it moving forward. Owners and executives must “go back to basics” to effectively refresh and rebuild.

Join LI business leader and business builder Joe Campolo for three complimentary virtual sessions to help you take stock of your business and move forward productively in 2021 and beyond. Special guest Donna Sirianni, Founder of Moving Forward Seminars, will bring a high-energy, interactive component to each session, enabling attendees to put these lessons into practice immediately.

Attendees are welcome to attend any or all sessions! These virtual sessions are complimentary but registration is required.

Session 2: Client Satisfaction

Wednesday, December 2 | 10:00 – 11:30 A.M.

“Customer service” has long been a business buzzword, but does your company pay it little more than lip service? You may have been able to “get away” with providing a lackluster customer service experience pre-COVID, but in today’s battered economy, delivering a wonderful client experience is everything. (And if you won’t, your competitors will.)

Joe Campolo and Donna Sirianni have taken these words to heart in their own businesses. Using the book Satisfaction: How Every Great Company Listens to the Voice of the Customer as a guide, Joe and Donna will share how business leaders can give their customer service practices an honest look, what to revamp and how to do it, and how to turn apathetic clients into advocates for your business.

We’re not waiting to move forward, and neither should you! Invest in yourself and your business – join us now for an interactive, authentic experience.

Session 3: Never Eat Alone

Wednesday, December 16 | 10:00 – 11:30 A.M.

Learn more and register for this session here.

Back to Basics – Session 1: Negotiation

Posted: October 28th, 2020

Event Date: November 18th, 2020

CMM Strategies & Moving Forward Seminars Presents:

Back to Basics: Moving Your Business Forward in 2021

Looking forward to a better 2021 for you and your business? The strategies you relied on to get motivated and build your business before the pandemic just won’t cut it moving forward. Owners and executives must “go back to basics” to effectively refresh and rebuild.

Join LI business leader and business builder Joe Campolo for three complimentary virtual sessions to help you take stock of your business and move forward productively in 2021 and beyond. Special guest Donna Sirianni, Founder of Moving Forward Seminars, will bring a high-energy, interactive component to each session, enabling attendees to put these lessons into practice immediately.

Attendees are welcome to attend any or all sessions! These virtual sessions are complimentary but registration is required.

Session 1: Negotiation

Wednesday, November 18 | 10:00 – 11:30 A.M.

COVID-19 has caused prolonged economic disruption and created an uncertain future for business owners. The stakes couldn’t be higher as businesses fight for survival. But with court operations limited and time running out for business owners struggling to stay afloat, there’s simply no time for protracted disputes. Developing your negotiation skills is the best investment you can make to move your business forward.

Fortunately, good negotiators aren’t born – they’re made. Whether you’re facing negotiations with your landlord, bank, vendors, business partners, or all of the above, leaders must master the art of negotiation to succeed.  Join us for a unique opportunity to learn proven negotiation skills from recognized negotiation expert Joe Campolo. Next, Donna Sirianni will guide attendees through negotiation concepts exploring the hidden language of influence to dramatically improve their skills.

Session 2: Client Satisfaction

Wednesday, December 2 | 10:00 – 11:30 A.M.

Learn more and register for this session here.

Session 3: Never Eat Alone

Wednesday, December 16 | 10:00 – 11:30 A.M.

Learn more and register for this session here.

Back to Basics – Session 3: Never Eat Alone

Posted: October 28th, 2020

Event Date: December 16th, 2020

CMM Strategies & Moving Forward Seminars Presents:

Back to Basics: Moving Your Business Forward in 2021

Looking forward to a better 2021 for you and your business? The strategies you relied on to get motivated and build your business before the pandemic just won’t cut it moving forward. Owners and executives must “go back to basics” to effectively refresh and rebuild.

Join LI business leader and business builder Joe Campolo for three complimentary virtual sessions to help you take stock of your business and move forward productively in 2021 and beyond. Special guest Donna Sirianni, Founder of Moving Forward Seminars, will bring a high-energy, interactive component to each session, enabling attendees to put these lessons into practice immediately.

Attendees are welcome to attend any or all sessions! These virtual sessions are complimentary but registration is required.

Session 3: Never Eat Alone

Wednesday, December 16 | 10:00 – 11:30 A.M.

The business community may recall Joe Campolo’s warmly received “Never Eat Alone: Put Your Network to Work” session, where he shared his personal experience applying the lessons of Keith Ferrazzi’s bestseller Never Eat Alone to build his law practice one relationship at a time.

In our COVID world, however, not eating alone isn’t so simple! While physically connecting remains a challenge, now is not the time to put your business development efforts on hold. Join us as Joe Campolo and Donna Sirianni share how they are adapting these strategies to our new world and moving beyond physical meetings to forge connections.

We’re not waiting to move forward, and neither should you! Invest in yourself and your business – join us now for an interactive, authentic experience.

Business Unusual 2020 Finale: Reflecting & Moving Forward

Posted: October 27th, 2020

October 27, 2020 – Episode 22 of Business Unusual Weekly Recovery Webinar with business leaders Joe Campolo and Peter Klein. In this final episode, they wrap up the 2020 season by reflecting on lessons they’ve learned and how they can translate this knowledge into meaningful change for Long Island and the business community.

Watch the entire webinar series with guests such as elected officials, business leaders, and industry experts here.

SBA Offers Guidance on PPP Loan Procedures in M&A

Posted: October 27th, 2020

Business owners, if you received a PPP loan and are now contemplating a change of ownership, you may need consent from your lender and even the SBA under certain circumstances. Read on to learn what qualifies as a “change of ownership” and what to be aware of before moving forward with the sale.

For purposes of the PPP, what is a “change of ownership”?

  1. At least 20 percent of the common stock or other ownership interest of a PPP Borrower is sold or otherwise transferred.
  2. The Borrower sells or otherwise transfers at least 50 percent of its assets.
  3. A Borrower is merged with or into another entity.

Regardless of any change of ownership, the Borrower remains responsible for a variety of tasks, most notably, the performance of all obligations under the PPP loan. Additionally, prior to the closing of any change of ownership transaction, the Borrower must notify and provide the Lender with a copy of the proposed agreements.

What if the PPP Note is fully satisfied prior to the change of ownership?

There are no restrictions on a change of ownership if, prior to closing the sale or transfer, the Borrower has:

  • Repaid the PPP Note in full; or
    • Completed the loan forgiveness process in accordance with the PPP requirements; and
      • SBA has remitted funds to the Lender in full satisfaction of the PPP Note; or
      • The Borrower has repaid any remaining balance on the PPP loan.

What if the PPP Note is NOT fully satisfied prior to the change of ownership?

Prior approval of the SBA IS NOT required:

  • If the change of ownership is structured as a stock sale of 50 percent or less of the common stock of the Borrower, or if the Borrower completes a forgiveness application reflecting its use of all PPP loan proceeds and submits it to the Lender, and an interest-bearing escrow account is established with funds equal to the outstanding balance of the PPP loan.
  • If the change of ownership is structured as an asset sale, if:
    • The Borrower completes a forgiveness application reflecting its use of all the PPP loan proceeds and submits it to the Lender, and an interest-bearing escrow account is established with funds equal to the outstanding balance of the PPP loan.
    • After the forgiveness process is completed, the escrow funds must be disbursed first to repay any remaining PPP loan balance plus interest.
    • The Lender must notify the appropriate SBA Loan Servicing Center of the location of, and the amount of funds in, the escrow account.

Prior approval of the SBA IS required if a change of ownership does not meet the conditions above. When this approval is needed, contact us or your accounting professional for guidance on how to make the submission.

If you have an outstanding PPP loan and are contemplating a sale of your business or its assets, our attorneys are ready to answer questions regarding this latest guidance or any other COVID-19 related legal concerns. For assistance, please contact us at (631) 738-9100 and visit our Mergers & Acquisitions practice area to learn more about our services.

The information in this article is from: SBA Procedural Notice, Small Bus. Admin. (Oct. 2, 2020)

Thank you to Daniel Axelrod for his research and writing assistance for this article.