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One afternoon, your client, Fred Smith, calls for advice regarding a personal business exit strategy. Fred, now 60 years old, has spent the last 30 years building Fred Smith Industries, Inc., into a very successful business. Fred is the sole owner and has about 30 employees, approximately $2 million of tangible assets and annual net earnings -- before payment of Fred's annual compensation of $300,000 -- of $750,000.
March 22, 2004 at 12:00 AM
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The original version of this story was published on New Jersey Law Journal
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