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.
* 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
* 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
Who Should Attend
Practitioners with small business clients that will eventually sell that business to third parties or family members who need advice regarding exiting the business
A basic understanding of business entity types and taxation of sales of businesses
Additional Event Information
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