Succession Planning for the Small Business Owner: Finding the Exit Ramp - VIRTUAL
4.00 Credits
Member Price $145
Non-Member Price $195
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
John Evanich, Surgent McCoy CPE, LLC
John L. Evanich, Jr., CPA, is a retired tax partner, formerly with CohnReznick, LLP – the 10th-largest CPA firm in the country. For more than 40 years, John specialized in working with professional service businesses, LLCs, LLPs, and S corporations on tax planning and other tax matters important to them. John has represented taxpayers on hundreds of IRS appeals and court petitions. With over 40 years of experience in public accounting, John is a past president of the Connecticut Society of CPAs (CTCPA), a past member of their Board of Governors, and a former trustee of their Educational Trust Fund. He is also a former member of AICPA Council. Mr. Evanich has lectured and written extensively on tax issues, both locally and nationally. He is a member of the American Institute of CPAs. He has also served as chairman of many CTCPA committees, most notably the Federal Taxation, State Taxation, Public Relations, and Technical Consultation Services committees. John has also testified on tax matters of concern to middle- and upper-income taxpayers, as well as small businesses, before the Ways and Means Committee of the U.S. House of Representatives, as well as various Connecticut state legislative committees. Mr. Evanich received a bachelor’s degree in accounting with honors from the University of Bridgeport, Connecticut and completed all course work in the Master’s in Taxation program at Pace University in New York City.
Non-Member Price $195
Member Price $145