Self-Study

Surgent's Succession Planning for the Small Business Owner: Finding the Exit Ramp

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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.

Major subjects

• 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.

Learning objectives

• Understand the process of selling a business from finding a buyer to completing the sale.
• Understand how business brokers operate and the fees 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.

Who should take this program?

• Practitioners with small business clients that will eventually sell that business to third parties or family members that need advice regarding exiting the business.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $79.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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