Every business owner leaves the business at some time, whether voluntarily or otherwise. Since that business is traditionally the owner's biggest asset, the owner needs to be in command of the situation. This means creating a business exit plan to formulate his or her business and personal objectives and develop a strategy to achieve them.
A truly cohesive exit plan helps the owner to maximize the value received from the business, allows the owner to leave on terms selected by him or her and will direct the business ownership and other assets to the people chosen by the business owner. It addresses all aspects of a business transition and coordinates these with personal and family planning needs. It also can protect against devastating turmoil and loss if the owner becomes disabled or dies unexpectedly.
In this seminar, we will explore exit options and discuss case studies. We will talk about setting goals and grooming a business for transfer, the affect of income and estate and gift taxes on an exit plan, and address the particular complexities of a transfer to family members or key employees.
8:30 a.m. - 8:45 a.m.
I. Exit Plans: What Are They, Who Needs Them And Why?
A. What Is Exit Planning?
B. Planning Advisers
1. Who Are They?
2. What Are Their Roles?
C. Who Needs An Exit Plan?
8:45 a.m. - 9:30 a.m.
II. Goals And Roadblocks
A. Setting Goals
1. Personal Goals
2. Business Goals
B. Assessing Risk
C. Risk Tolerance
D. Identifying Potential Roadblocks
1. When Is It Needed?
2. What Kind Is Needed?
9:30 a.m. - 11:30 a.m. (Break 10:00 a.m. - 10:10 a.m.)
III. Exploring Exit Routes
A. Third Party Sale Options
B. Sales To Key Employee Options
C. Sales To Family Members Options
D. Special Solutions For The Sole Business Owner
E. Special Tax Advantaged Options, Including ESOPs
11:30 a.m. - 1:45 p.m. [Lunch (On Your Own) 12:10 p.m. - 1:10 p.m.]
IV. Building, Maintaining Or Minimizing The Value Of The Business
A. Conducting A Legal Audit
B. Restructuring The Business
C. Retention Programs For Key Employees
D. When And How To Minimize The Value Of The Business
1:45 p.m. - 2:30 p.m.
V. Implementing And Maintaining The Exit Plan
A. Which Documents Are Needed For Implementation
B. Annual Review Of The Plan
2:30 p.m. - 3:25 p.m.
VI. What Is The Contingency Plan?
A. Protecting The Owner, Family And Business
B. Counseling Clients In Dealing With Family Issues
1. 'Fairness' Between Siblings
2. Security For Dependents
3. Protection From Creditors, Predators, In-Laws And Others
C. Estate And Gift Tax Issues
D. Uniting Personal Plans With Business Plans
3:25 p.m. - 3:35 p.m.
3:35 p.m. - 4:30 p.m.
VII. Case Studies