DES MOINES (AP) — Minority shareholders in closely held family businesses received additional clout Friday under a ruling by the Iowa Supreme Court, a decision that could have wide-ranging effects.
Cousins Jack and Bob Baur inherited shares of Baur Farms Inc., from their fathers, and the two have argued over the value of Jack's shares since the early 1990s. The Madison County farm, established in 1966 near Van Meter, was left to the two men and other family members. Bob Baur is the majority shareholder, and Jack is a minority shareholder. Jack has tried to sell his shares but has never reached an agreement with Bob on the value.