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

Description

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

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

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



Leaders

Curtis Quickel

Curtis is an individual practitioner in Fayetteville, Arkansas. Since 1998, he has traveled the US teaching Continuing Professional Education courses for the AICPA and others. Before establishing his own practice, he worked several years in industry as a Corporate Controller. After 9/11 Curtis spend 9 years on Active Duty with the US Army completing three combat tours to Afghanistan, Iraq and Kuwait. Curt retired as a Lieutenant Colonel in 2013 with a total of 33 years of Active and Reserve service. He is a Past President of the Central Chapter of the Arkansas Society of CPAs and Past Chairman of the Industry and Commerce Committee. Curt is a past recipient of the Arkansas Society of CPAs Outstanding CPA in Government Award.