April 22, 2021 8:00am – 11:30am Map & Directions 602-252-4144

Succession Planning for the Small Business Owner: Finding the Exit Ramp (8-11:30)

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.

Location

ASCPA Learning Center
4801 E Washington St Ste 180
Phoenix, AZ 85034-2040

Registration Time

7:30am

Fees

Member:
$160
Non-CPA Staff:
$210
Non-CPA Staff (100% club):
$160
Non-CPA Staff (sole proprietor):
$160
Non-Member:
$210
Phoenix
Taxation
4

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.

Course Level

Intermediate

Vendor

Surgent McCoy CPE, LLC More With This Vendor

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.

Prerequisites

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

Event Leaders

Davis-Vaughn, Pamela

Rating: 4.42


Pamela J. Davis-Vaughn is a general practitioner providing accounting, tax, and consulting services to clients across the United States from her office in Painted Post, New York. This year she was honored by Surgent McCoy as their top discussion leader of 2010. Davis-Vaughn has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech, and has been a highly rated speaker at the Controller’s Roundtable, a sponsored event for controllers of automobile dealerships in Texas. In addition to her accounting practice, Davis-Vaughn and her husband are owners of One Main Place Farms, an organic farming operation located in upstate New York. Davis-Vaugh has more than 25 years of experience in both public and private accounting sectors. Her public experience ranges from a Big Four firm where she assisted several Fortune 500 companies in restructuring their operations to provide state income and franchise tax savings, participated on the mergers and acquisitions team, and served as the Southwest Area Employment Tax practice leader to providing tax consulting services for closely held businesses of a 16-partner, 100-staff Dallas CPA firm. Her experience in the private sector as CFO of a Dallas based manufacturer servicing the telecom industry and Tax and Accounting Manager of a large independent oil and gas company provides her with significant insight into the challenges faced by those practicing in industry. Davis-Vaughn holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University. She holds a license to practice in Kansas, Texas, and New York.


More With Davis-Vaughn, Pamela

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.

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