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Description
Most successful businesses are owned by one or more families. Because they are family owned, these companies create many special planning challenges.
Ownership and control do not shift among non-owner managers or anonymous shareholders. Rather, succession in ownership and management is a momentous and often highly emotional process for members of the family. Frequently, these transitions are caused by the retirement or death of members of a family member. And these transitions, if not carefully planned and delicately handled, can be ruinous, damaging the family and their company.
This program provides a practical framework of trust and estate planning and succession planning for family businesses.
Part 1 topics include:
- Framework of trust and estate planning tools and techniques for family businesses
- Valuation issues for financial and tax purposes
- Buy-sell planning with family members or key employees
- Selling to third parties where intra-family succession is not possible
- Planning for the incapacity of the founding generation
- Role of outside managers to overcome family drama related to control