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OnDemand Course

Succession Planning for Family-Owned Businesses

Understand how to successfully implement a succession plan to transfer ownership of family-owned businesses.

Many family-owned businesses who are preparing to transfer ownership to the next generation often do not understand the considerations that need to go into making the decision in a way that financially benefits both the current owner and future owner. They also do not understand how the transition needs to be structured to minimize any tax burden and avoid drama amongst family members. This topic helps the family-owned business decide whether to transfer ownership of the business while they are alive or at the time of their death. The topic also helps outline the process for transferring the business in a manner that will maximize financial gain to all parties and minimize any tax burden. Failing to plan in advance for the transfer of the family-owned business causes significant tax burden and potential turmoil in the family. This topic is critical for business owners and their advisors so they can ensure they know how to implement a plan to transition ownership of the family-owned business.

92 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understand the Challenges in Building a Successful Business Succession Plan

  • Navigating the Needs of the Business
  • Working With Family Members That Have Different Needs and Expectations
  • Establishing Goals for the Family and the Business

Review of Business Succession Planning Techniques and Strategies

  • Your Arsenal of Techniques in Developing a Business Succession Plan
  • Bifurcating Interests in the Company as Part of the Business Succession Plan
  • Building Flexibility Into the Business Succession Plan

Tax Issues Affecting Business Succession Plans

  • Understanding IRS Challenges to Business Succession Plans
  • Bifurcating Interests to Address Tax and Business Needs
  • Utilizing Minority Interest Discounts and Majority Interest Premiums
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on May 6, 2020.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

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Christopher Finley

Finley Stetson

  • Partner at Finley Stetson
  • Practice emphasizes real estate, estate planning, and representation of family-owned business entities
  • LL.M. degree in estate planning, University of Miami; J.D. degree, Nova Southeastern University
  • Can be contacted at 561-235-5053 or [email protected]
William A. Stetson

William A. Stetson

Finley Stetson

  • Partner at Finley Stetson
  • Practice emphasizes estate and income tax planning, representation of family-owned business entities, and representation of charitable entities
  • LL.M. degree in taxation, University of Florida; J.D. degree, Florida State University
  • Can be contacted at 561-265-5053 or [email protected]
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • OnDemand Courses
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  • Course Manuals
  • Executive Reports
  • White Papers and Articles

Additional benefits include:

  • State Specific Credit Tracker
  • All-Access Pass Course Concierge

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406424
Published 2020
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