Retiring Baby Boomers will sell or bequeath $10 trillion worth of assets over the next two decades. Many of these assets are held in over 12 million privately owned businesses. And while millions of these businesses are expected to change hands, a recent survey by PricewaterhouseCoopers found that only about 27% of private businesses have done ANY exit planning.
Whether you and your sister are set to inherit the family pizza shops or you have business clients that are getting ready to “cash out,” this two-part presentation will teach you about key considerations in exit and personal planning for business owners. The focus of the first part of the presentation will be on income tax planning. Keith Troutman, Mike Shafer, and Josh Siegel of Squar Milner will also address the benefits of exit planning, building your team, transaction readiness, C corporation asset sale planning and the qualified business income deduction. The second part of the presentation will focus on closely held businesses, tax treatment of business entities and variables influencing transfer techniques. Peter Myers and Sean Kenney of Fox Rothschild also discuss intra-family succession, management buy-out, ESOP, “maturation” of the buy-sell agreement, the sales process, mind-mapping the buy-sell, family members & employees as transferees and other buyers as transferees.
Keith L. Troutman is a Partner in Squar Milner’s Tax Department. Michael Shafer is a Principal in Squar Milner’s Tax Department. Joshua Seigel is a senior manager in Squar Milner’s merger and acquisition tax practice. Peter Myers is Certified as a Specialist in Estate Planning, Trust and Probate Law by the State Bar of California’s Board of Legal Specialization. Sean Kenney concentrates his practice in the areas of trusts and estates, business succession and taxation.