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Succession Planning for the Small Business Owner: Finding the Exit Ramp

Monday, October 24 8:00am - 11:30am

(Check-In 7:30am)

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Holiday Inn

1100 5th St S
Great Falls, MT 59405

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4.00 Credits

Member Price $138.00

Price will increase by $25 after 10/3

Non-Member Price $163.00

Price will increase by $25 after 10/3

Overview

All materials will be electronic only

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.

Highlights

  • 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

 

Prerequisites

A basic understanding of business entity types and taxation of sales of businesses.

Designed For

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

Objectives

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

Preparation

None

Leader(s):

Leader Bios

John Sherrick

John N. Sherrick, MA, CPA, is a partner of Sitrick & Associates, LLC in Bettendorf, Iowa. John prepares tax returns and financial statements for closely held companies and their owners. He also provides a variety of income tax, retirement, and estate-tax planning services for his clients. John also serves as an expert witness for business valuations and other tax and accounting issues. John has over 35 years of experience in public accounting with local firms. His experience includes a wide variety of tax and accounting issues for small businesses in a number of industries. John also has had experience in auditing and taxation of not-for-profit organizations on the local and national level. John received his bachelor’s degree in economics and business administration from Knox College in Galesburg, Illinois. He then received his master’s degree in accounting from the University of Iowa, Iowa City, Iowa. John holds CPA certificates in both Iowa and Illinois and is a member of the AICPA, the Iowa Society of CPAs, and the Illinois CPA Society.

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Non-Member Price $163.00

Member Price $138.00