Succession Planning for Family-Owned Businesses – OnDemand


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Learn how to successfully build a business succession plan in order to pass down business rights.

Many entrepreneurial clients have built successful businesses but have not given due consideration to what will happen to their business after they must leave the business. This lack of attention can have devastating consequences to the business and to the client’s family. Building a business succession plan can help ensure that the business will continue to operate and can create tremendous tax planning opportunities. This topic will help advisors to those successful entrepreneurial clients explain the risks of not having a business succession plan and will provide insight on how to build a successful plan. The information also explains common strategies and techniques in building a business succession plan, including income and transfer tax planning strategies. The material will also address the unique opportunities available for clients under the 2018 tax act. This information is critical for any advisor who has successful family owned businesses as clients.

Learning Objectives

  • You will be able to define the elements of a successful business succession plan.
  • You will be able to describe the most commonly used techniques in business succession planning.
  • You will be able to explain to clients the importance of a business succession plan and the pitfalls of not having a plan in place.
  • You will be able to identify the income and transfer tax issues affecting business succession plans.