This program will focus on the financial, tax and legal considerations that involve the development and implementation of a successful succession plan. Succession planning is not a hit or miss proposition. The seminar will cover all the steps that must be undertaken to develop a plan that has the greatest potential for success.
This program will provide the tools to ask the right questions, to analyze all the options, and to allow both the owner and potential purchaser to make informed decisions which will give the greatest opportunity for a successful transition of the business.
8:30 a.m. - 9:00 a.m.
I. Dispelling The Myths An Introduction
To The Process Of Succession Planning
A. Defining The Process
B. How The Extrinsic Factors Of Taxes And The Economy Affect Decision Making
C. Setting Parameters Ensure That A Succession Plan Is The Right Choice For The Business And Its Owner Present All Options
9:00 a.m. - 9:30 a.m.
II. Succession Planning And Middle
Management Can't Have One Without
A. Why Is Middle Management So Important To The Success Of Any Plan?
B. How To Tell When Companies Are At The Crossroads
1. Tough To Plan For The Future, When The Future Is Now
2. Maturity Of A Business Is By Definition More Than Crisis Management
3. Entrepreneurial Spirit vs. Burnout
9:30 a.m. - 10:20 a.m.
III. Ethical Problems Posed By Succession
A. Why Ethics May Be Lost In The Process: Adversarial vs. Win/Win Mindsets
B. Ultimate Question: Who Do You Represent?
C. Are The Accountant And Attorney Under The Same Constraints?
D. When Is Separate Representation A Necessity?
E. How To Proactively Reduce Potential Problems
10:20 a.m. - 10:30 a.m.
10:30 a.m. - 11:15 a.m.
IV. Approach The Process From The
A. Maintenance Of Lifestyle All Other Issues Pale In Comparison
B. How To Analyze And Plan For Different Estates
C. How Family And Loyalty Pressures Impact The Process
D. How Do The Various Types Of Business Affect The Approach?
E. How To Deal With The Dual Dragons Of Income And Estate Tax
F. The Challenges And Opportunities Of The Tax Reconciliation Act Of 2001 And The Jobs And Growth Tax Relief Reconciliation Act Of 2003 On Succession Planning The Good, The Bad, And The Ugly
11:15 a.m. - 12:00 p.m.
V. The Buyer's Or Next Generation's
Perspective The Most Frustrating
And At The Same Time The Most
Rewarding Part Of The Process
A. How Is The Approach Different When The Potential Purchasers Are Family Members Or Trusted Employees?
B. Avoid The Pitfall Of Setting Up The Sale For A Third Party
C. Perceived Value vs. The Actual Worth Of A Business. When Is It Time To Get An Appraisal? Whose Goodwill Is It?
D. How Does The Net Worth Of The Buyer Impact The Process?
E. No Plan Will Work If There Is Not Sufficient Income To Pay For It
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:15 p.m.
VI. How To Develop And Implement The
A. Getting Answers To The Right Questions Is The Key
B. Coordinate The Roles Of The Different Professionals
C. What Tools Are Available And How To Best Use Them
D. The Jobs And Growth Tax Relief Reconciliation Act Of 2003 Has Provided New Tools To Implement Estate Planning Can We Have Our Cake And Eat It Too?
E. Development Of Plan And The Proper Presentation
F. Follow-Up Not Only An Appendage, But A Necessary Ingredient
2:15 p.m. - 2:25 p.m.
2:25 p.m. - 4:15 p.m.
VII. Discussion Of Case Studies And
Answers To Initial Questions
A. Answer The Questions: Dispelling Old Myths
B. Illustrations Of Alternatives To Traditional Succession Plans
C. Case Studies
4:15 p.m. - 4:30 p.m.
VIII. Presenters Available To Answer