Business Succession Planning

Business Succession Planning William A. Price Attorney at Law www.growthlaw.com 1-800-630-4780

Business Lifecycle Law Work Sale Or Planned Transfer: At What Value? Cut Transfer Taxes: ESOPs, Estate Plans Protect The Asset: Contracts, Litigation Incorporation Capital Additions, Control, & Buy-Sell Agreements Advisor Work Needed Startup to Exit

Agenda 1. Business Issues: Harvest Or Chaos? 2. Buy-Sell Agreements And Other Succession Or Closing Legal Issues 3. Business Sales To Outsiders 4. Disability, Retirement, and Estate Plans

Harvest, or Chaos? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Failure To Plan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Planned Exits ,[object Object],[object Object],[object Object]

Three Kinds of Owners ,[object Object],[object Object],[object Object]

“ Buy and Hold” Life Events ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Bad Faith Is Everywhere Brown’s Chicken: Bankruptcy to protect the convicted felon (daughter of original 67% partner) and parent from $882,00 owed former 33% partner, for breach of fiduciary duty (Popejoy, J., 10/28/2009 judgment, DuPage) Source: http://newsfeedresearcher.com/data/articles_b1/brown-portillo-company.html

Paperwork vs. Problems ,[object Object],[object Object]

Planning Takes Time ,[object Object],[object Object]

Tax Rules Affect Plan Timing ,[object Object],[object Object],[object Object],[object Object]

Exit Events And Plan Actions Planned Harvest Death Retirement Bankruptcy Maximize Value With Business Profits Minimize Taxable Estate With Gifts, ESOP, Life Ins., Etc... Funded Buy-Sell Agreement With Clear Basis and Good Accounting Asset Protection For Owners And Family: Multiple Entities

Exit Assistance Services ,[object Object],[object Object],[object Object],[object Object]

Who Will Buy The Business? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Questions For You ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Big Question: ,[object Object],[object Object],[object Object]

Part 2 Buy-Sell Agreements and Other Succession Plan Legal Issues

Exit possibilities… ,[object Object],[object Object],[object Object]

Exit 1: Closing up shop ,[object Object],[object Object],[object Object]

Closing: Private Duties ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Closing: IRS Filings Due ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Closing: More IRS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Closing: Yet More IRS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Closing: IRS Entity Filing ,[object Object],[object Object],[object Object],[object Object]

Closing: Asset Sales (IRS) ,[object Object],[object Object],[object Object],[object Object]

Closing: State Filing ,[object Object],[object Object],[object Object]

Closing: State forms, Entity ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Closing: IL special reports ,[object Object],[object Object]

Closing: Local ,[object Object],[object Object],[object Object]

Closing Exercise ,[object Object],[object Object],[object Object],[object Object]

Exit 2: Buy-Sell ,[object Object],[object Object],[object Object]

Buy-Sell conditions ,[object Object],[object Object],[object Object],[object Object],[object Object]

Buy-Sell triggered by death ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Buy-Sell on retirement ,[object Object],[object Object],[object Object]

Retirement sale recap ,[object Object],[object Object],[object Object]

Buy-Sell on resignation ,[object Object],[object Object],[object Object]

Buy-Sell upon bankruptcy ,[object Object],[object Object],[object Object]

Buy-Sell to family ,[object Object],[object Object],[object Object]

Buy-Sell: practical issues ,[object Object],[object Object],[object Object],[object Object]

Valuation Methods ,[object Object],[object Object],[object Object],[object Object]

The IRS and Your Value ,[object Object],[object Object],[object Object],[object Object],[object Object]

Buy-sell trigger: discharge ,[object Object],[object Object],[object Object],[object Object]

Buy-sell trigger: disability ,[object Object],[object Object],[object Object]

Buy-Sell transfer methods ,[object Object],[object Object],[object Object]

Stock Transfer Limits ,[object Object],[object Object],[object Object]

Agreement Elements ,[object Object],[object Object],[object Object],[object Object],[object Object]

Negotiation Exercise ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sale to employees ,[object Object],[object Object],[object Object]

ESOP an option if … ,[object Object],[object Object],[object Object]

ESOP Benefits ,[object Object],[object Object]

ESOP Loans ,[object Object],[object Object]

ESOPs cut Transfer Tax ,[object Object],[object Object]

Exit 3: Sale to outsiders ,[object Object],[object Object],[object Object]

Before You Sell ,[object Object],[object Object],[object Object]

Purchase Process ,[object Object],[object Object],[object Object],[object Object]

Buyer Price Determinants ,[object Object],[object Object],[object Object]

Federal Tax Rules ,[object Object],[object Object]

No Tax Due? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sec. 1060 Rules ,[object Object],[object Object],[object Object],[object Object],[object Object]

Allocation by Asset Class ,[object Object],[object Object],[object Object],[object Object]

Buyer vs. Seller Rules ,[object Object],[object Object],[object Object]

Buyer Allocation Objective ,[object Object],[object Object],[object Object]

Seller Allocation Goals ,[object Object],[object Object]

Compromise Allocation ,[object Object],[object Object],[object Object],[object Object]

Earn-Out Limits ,[object Object],[object Object]

15 Year Amortization ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

No Sec. 197 Rules For ,[object Object],[object Object],[object Object],[object Object]

Tax Reduction Methods ,[object Object],[object Object],[object Object],[object Object]

C Corporation Issues ,[object Object],[object Object]

Pass-Through Entities ,[object Object],[object Object],[object Object],[object Object]

Stock Sale? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Tax Cut Methods ,[object Object],[object Object],[object Object],[object Object]

Sale Checklist ,[object Object],[object Object],[object Object],[object Object],[object Object]

A Final Thought ,[object Object]

Disability ,[object Object],[object Object],[object Object],[object Object]

Disability Insurance ,[object Object],[object Object],[object Object]

Retirement Plans ,[object Object],[object Object]

Estate Planning ,[object Object],[object Object],[object Object],[object Object]

Estate Tax Planning ,[object Object]

Family LLC or LP ,[object Object],[object Object],[object Object],[object Object]

GRAT ,[object Object],[object Object]

SCIN ,[object Object],[object Object]

IDGT ,[object Object],[object Object]

Other Common Tools ,[object Object],[object Object],[object Object]

Estate Plan Questions ,[object Object],[object Object],[object Object],[object Object]

Tax Changes Coming ,[object Object],[object Object],[object Object]

Special Guest ,[object Object],[object Object],[object Object],[object Object]

Special Guest ,[object Object]

Business Succession Planning

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Business Succession Planning