Surgent's Succession Planning for the Small Business Owner: Finding the Exit Ramp
4.00 Credits
Member Price $159
Non-Member Price $179
Overview
The life cycle of the small business can be summed up in three segments: 1) starting the business; 2) operating the business; and 3) getting out of the business. This course focuses on getting out of the business. The most elusive element of owning a small business can be finding the proper exit strategy. This course is designed to provide the business consulting practitioner with tools and concepts to advise the small business owner and assist them in developing the right exit strategy. The course covers exit strategies related to third-party sales and succession planning within a family.
Highlights
- How to find unrelated buyers of a business
- Maintaining control of the business succession process
- Turning over the reins to family members: when to give up control
- Finding the right team to sell a business
- Options for selling a business to an unrelated party
- Options for selling a business to family members
- Options for selling a business to employees
- Overcoming the emotional attachment to a business
- Selling to family members for a life annuity
- Using family partnerships and trusts to transfer a business
Prerequisites
A basic understanding of business entity types and taxation of sales of businesses
Designed For
Practitioners with small business clients that will eventually sell that business to third parties or family members that need advice regarding exiting the business
Objectives
- Understand the process of selling a business from finding a buyer to completing the sale
- Understand how business brokers operate and the fees that they charge
- Discuss the difference between selling the business and leaving the business: the transition period
- Protect the seller’s interest in a seller-financed sale
- Understand how estate planning and family succession of a business interact
- Understand the use of discounts in transfers of ownership interests to family members
- Discuss when to turn over operations while maintaining control of a family business: drawing distributions from the business for retirement and receiving a step-up in basis at death
- Understand various structuring options for family business succession
Preparation
None
Leader(s):
Leader Bios
Michael Frost, Shareholder & Tax Partner, MDA Professional Group, P.C.
Mike Frost, CPA, is an associate and shareholder of MDA Professional Group, P.C. and has been with the Albertville office since 1989. Currently a tax partner, he specializes in all areas of income tax and small business consulting including but not limited to: business and individual income tax preparation and planning, estate and retirement planning, estate, gift, and trust tax preparation, small business consulting, Medicare planning and other elder care, audit representation, religious groups and clergy. Frost has conducted CPE engagements and seminars for the Alabama Society of Enrolled Agents and the Childcare Resource Network of Alabama and is an instructor for the Alabama Society of Certified Public Accountants. Mike has served as technical advisor for tax articles for the Sand Mountain Reporter newspaper, and has been a regular on the public speaking circuit. Mike graduated with “high honors and distinction” from Jacksonville State University with a major in accounting and a minor in finance and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, and the Accountants Global Network, International. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA. Mike is an ordained minister and pastor. He enjoys music, and is a vocalist in a local Christian band. He is also active in his community as an Albertville Rotarian. Mike resides in Albertville, Alabama with his wife, Kay, and two children, Dylan and Sarah.
Non-Member Price $179
Member Price $159
Registration for this event is closed.