As businesses grow they often need to make changes to accommodate that growth. Growing businesses need to expand to reach and meet the demands of their consumers. Furthermore, they need to reach new markets and consumers to continue to grow in the future. Through this process, many legal challenges may arise. By carefully planning for these transactional law issues, business can reach their goals as efficiently as possible.
One New Jersey company, Smart Balance Inc., has recently started to expand by reorganizing the company and moving its headquarters. Currently, Smart Balance is headquartered in Paramus, New Jersey. However, the company has explained that in order to take advantage of the growing natural food market its headquarters will now be located in Boulder, Colorado. Additionally, Smart Balance Inc. will change its name to Boulder Brands Inc.
As part of this reorganization, the CEO of Smart Balance Inc. will also be leaving the company. As of right now, other staff members in the Paramus office will keep their jobs. However, the company has also announced that along with the move to Colorado, it will be expanding its business operations in Colorado. All of these changes are expected to be completed in 2013.
For any size company, business reorganizations, mergers or acquisitions will take time and careful planning. There will be financial concerns as more capital is needed to complete transactions. There will be legal steps to complete name changes and other corporate restructuring. Finally, there are often contracts to terminate and contracts to negotiate as employees are restructured.
When these transactional law issues are successfully managed, businesses are free to expand, merge and grow. Companies’ long-term goals can be met and exceeded and problems can be avoided in the future.
Source: NJBIZ, “Smart Balance moving headquarters to Colorado but will keep staff in N.J.,” Katie Eder, Oct. 2, 2012