It’s a fact: over 70% of family and closely-held businesses do not have viable business succession plans in place. Indeed, according to the Small Business Institute, approximately the same amount do not survive the transition from original business owner to second generation!
If you represent closely-held businesses, you have likely helped your entrepreneurial clients with organizational documents to get them started on a solid footing and have probably already implemented buy-sell agreements. You may have even encouraged the owner to purchase “key man” insurance to head off catastrophe in case the owner or a highly skilled employee dies. But has your business owner fully considered what effect retirement or death will have on the business?
This CLE webcast on business succession planning is taught by esteemed faculty, Eric A. Manterfield, Krieg DeVault, Indianapolis, and Dennis I. Belcher, McGuireWoods LLP, Richmond, VA. These lawyers, who have decades of experience in implementing business succession plans, will explore the elements necessary for successful business succession planning, as well as alert you to ways to avoid income or estate tax traps that can snare unwary practitioners.
What You Will Learn
Expert faculty will teach you what you need to know to help your clients create successful business succession plans, including:
motivating your client to engage in succession planning
documents most necessary to assure trouble-free succession
income and estate tax strategies to minimize tax liabilities
Questions submitted during the program will be answered live by the faculty. In addition, all registrants will receive a set of downloadable course materials and free access to the archived online program.
Who Should Attend
This accredited continuing legal education program from ALI CLE is designed for attorneys who advise small to mid-sized closely held businesses.
Faculty members discuss elements of business succession plans, with an emphasis on highlighting potential strategies to minimize interpersonal stress, tax liability, and litigation upon the death of the principal.
2:00 pm Program Ends.
Total 60-minute hours of instruction: 1.5; Total 50-minute hours 1.8
Suggested Prerequisite: Two to four years’ experience in subject matter
Educational Objective: Acquisition of knowledge and skills to develop proficiency as a practitioner; maintenance of professional competence as a practitioner; provision of information on recent legal developments