The Succession & Exit Planning Workshop

The workshop will take place over (3) Wednesdays in November, with each day having a different theme of Discover, Prepare, and Decide. Each session will be 1 hour to 1-1/2 hours with breaks in between.

Wednesday, November 16, 2022 – 9:00 AM to 1:00 PM

DECIDE

Session 1: Your Exit Options

In this session, we will review your exit options, both internal (intergenerational transfer, management buy-out, sale to partners, and an Employee Stock Ownership Program, or ESOP) and external (sale to a third party, recapitalization, and liquidation). We will explore the pros and cons of each and try to remove some of the mystery surrounding ESOPs, third-party sales to Private Equity (PE), and the M&A process. We will learn about the types of buyers and the advantages, disadvantages, and differences of using a business broker or an investment banker.

Session 2: Family Succession

Family firms outperform non-family businesses over the long term. However, family issues and challenges can have deep and profound effects on the family business. Family firms are a system that requires you to think about the family, the company, and the individuals involved. A family succession can be rewarding and continue the owner’s legacy, but it can also be a disaster filled with emotional pitfalls and struggles. In this session, we will review what we have seen work in family transitions, present a paradigm shift from thinking about “the family business” to thinking about “family enterprise,” and provide strategies you can use to get everyone on the same page.

Session 3: Estate, Philanthropic & Tax Planning

You have made the decision to exit and will soon be harvesting the value from your lifetime of work. How do you determine and ensure your desires are carried out when it comes to your wealth? In this session, we will learn from an Estate Planning Attorney about the various tools available, asset protection, charitable giving vehicles, the importance of buy/sell agreements, and ways to minimize taxation.

Session 3.1: The Wrap-Up

The question at the “Decide” stage is to keep or sell? If the answer is to sell, we work to maximize after-tax transaction proceeds and outcomes.  If the answer is to keep, we work on those priorities to accelerate business value over a period of time. We will have a quick review and recap of the workshop to assist in your decision-making and provide you with those steps you can start taking today and, in the future, to make sure the transition and transaction of your life are not left up to chance.