Objective
- 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
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
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 businessPrerequisite
A basic understanding of business entity types and taxation of sales of businessesAdvanced Preparation
None