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Succession Planning for Family-Owned Businesses

Learn how to successfully build a business succession plan in order to pass down business rights.

Many entrepreneurial clients have built successful businesses but have not given due consideration to what will happen to their business after they must leave the business. This lack of attention can have devastating consequences to the business and to the client's family. Building a business succession plan can help ensure that the business will continue to operate and can create tremendous tax planning opportunities. This topic will help advisors to those successful entrepreneurial clients explain the risks of not having a business succession plan and will provide insight on how to build a successful plan. The information also explains common strategies and techniques in building a business succession plan, including income and transfer tax planning strategies. The material will also address the unique opportunities available for clients under the 2018 tax act. This information is critical for any advisor who has successful family owned businesses as clients.

Learning Objectives

  • You will be able to recognize the historical trends in family owned businesses successions to the next generations.
  • You will be able to differentiate between Business Succession Planning Techniques and Strategies.
  • You will be able to Identify the Challenges in Building a Successful Business Succession Plan.
  • You will be able to recognize tax aspects of a Business Succession plan.

Runtime: 92 minutes
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Why Lorman?

Over 33 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 33 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

This course was last revised on August 17, 2020.

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

  • CPE/NASBA - QAS Self Study 2.6 including Specialized Knowledge 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.6 hours. Prerequisite: basic knowledge of estate planning. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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

No photo available

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 33 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!

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  • State Specific Credit Tracker
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* For audio recordings you only pay shipping

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Product ID: 407998
Published 2020
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