Architecture Teacher And Student Join Forces In Business Merger
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Mergers & Acquisitions on Wednesday, June 17, 2015.
The relationship between student and teacher should be one that fosters growth and innovative thinking. This enables students to gain critical thinking and creative problem-solving skills needed to succeed in the marketplace in California. Luckily for the two owners of two architecture firms looking to complete a business merger, they have already formed this kind of relationship that promises to foster growth.
The owner of Kontext Architects was once a student of the owner of Architecture Network. Now the two architecture firms are in the middle of a process to merge the two companies. Beginning in early July, the newly merged firms will be referred to as Kontext Architects. The owner of Architecture Network will continue on as a consultant. This is valuable since he has approximately five decades worth in experience with local design projects around the area.
The owner of Kontext describes the deal as an asset merger. Kontext has also taken on all workers and contracts of Architecture Network. He plans to emphasize a customer service-based philosophy to the newly merged company. The merger had originally been announced in 2014 but was only recently completed.
Although the business merger between companies owned by a former student and his teacher may seem like a natural fit, this type of transaction cannot be hastily performed in California. The correct legal documents must be drafted in order to legally transfer ownership of a business and its assets. Also, contracts must clearly and concisely lay out the agreed-upon terms of the merger while also providing important legal language to protect the parties involved.
Source: hngnews.com, "Kontext completes merger with Kay's Madison firm", Chris Mertes, June 12, 2015