Succession Planning for Business Owners
Your business started with a plan. It grew and became successful with a plan. Shouldn’t you have a plan to transition out of your business? It’s the right way to take care of your family, partners, and employees, all of whom rely on you to either make sure the business continues to be successful after you’re gone, or to convert your ownership to ready cash in your absence. Succession planning starts long before you actually transfer your business, and involves working with your Trusted Advisor team: a qualified lawyer, CPA, and insurance broker. Get your finances in order. Determine what transition plan is best for you. Figure out the tax consequences of the transfer. Obtain appropriate life, health or key-man insurance to fund the transfer. There’s a variety of ways a business owner can transfer the business, all of which are individual to your business. In this seminar we’ll introduce you to several common transfer methods, from doing nothing and letting your heirs and partners deal with the chaos after your death (not recommended); arranging to sell your interest in the business to your partners or as a reward to a key employee; automatically transferring your ownership to your partners on death or disability; or selling to a third party. Key points of this seminar include: • The effects of failing to plan for transitioning out of your business • Getting your businesses finances in order for a prospective purchaser • Discussing your transition with family, partners, and employees • Working with your trusted advisor team to create and implement your succession plan
Speaker(s): Michael Palermo, Samantha Winogrond, and Melody Isis Herman
Co-Sponsor(s): SBTDC and Main Street Sylva Association
Pre-registration is required. Lunch is included for this event.
Fee: No Cost