The pandemic has put pressure on a number of sectors and industries throughout the world over the past 14 months. Today’s discussion will touch on how deal terms have evolved during the pandemic and what is the outlook for the remainder of 2021.

Family businesses are often a family’s largest asset, as well as one of the most important contributors to their wealth creation. Today we are speaking with Sean O’Dowd, Managing Director and Family Business Advisor at Silvercrest Asset Management Group about a number of topics related to family business advisory including:

• Succession planning
• Valuation of their business
• Preparing for a Sale
• Trust & Estate considerations prior to a sale
• Creating a family office post-transaction
• Governance

We interviewed Danny Cohen, Head of Sales & Capital Introduction at FalconX in San Francisco. We discussed a wide range of topics that included:

• Institutional Capital Flows into Crypto Hedge Funds
• Financing of Cryptocurrencies for Arbitrage Strategies
• Trading Technology
• Transaction Cost Analysis for Best Execution of Cryptocurrencies
• Digital Custody of Cryptocurrencies

In the first several months of 2020, Seed Deal activity was affected by the COVID-19 pandemic, but finished out strong to remain consistent with 2019 data. In our latest Conversations Series podcast with Gary Anderson, a partner in the Business Transactions Group at Seward & Kissel LLP, we discussed the following topics from the 2020 Seed Transaction Deal Points Study:

• Which investment strategies were the most (and least) popular in receiving seed capital?
• Seed Deal economic terms related to:
  • Seeder bearing some of the start-up costs of the new business;
  • Seeder liquidity that aligns with other investors in the Fund;
• Working Capital Support – how is it structured and what percentage of deals include it?
• Deal Structure - Equity versus Revenue Share?
• Lockup of Seed Capital
• Length of the Seed Deal and Cost of Exiting the Deal?

The Jobs Plan is $2.25T in spending concentrated over next 8 years plus another $400B in tax credits while the Families Plan is about $1.8T in total costs. In our latest Conversation Series podcast, partner Jon Brose, discusses how the plan is addressing:

• US Corporate Taxes
• International Business Taxes
• U.S. Individual Taxes
• Estate Taxes
• Real Estate
• What the IRS is proposing to ensure compliance