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

Webcast: 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 Live Online Webcast
Phoenix, AZ 85034-6617

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
Webcast
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

Cochran, Don Paul

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Don Paul Cochran, JD, CPA, CFPr, CRCr Don Cochran is a solo practitioner in Apple Valley, Minnesota. His 30 years of practice has been focused primarily in the areas of small business legal and tax consulting, and individual tax, estate, and financial planning. Don has practiced law in both Iowa and Minnesota, was a CPA with the Small and Emerging Business practice of then Big 8 Accounting & Auditing firm, Touche Ross, in Bloomington, Minnesota, and was the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company. He developed and provided continuing education on tax and legal planning strategies for small to medium size businesses and wealthy individuals, and worked with insurance wholesalers and financial advisors to understand and implement financial strategies geared towards asset preservation and income in retirement. Don earned his undergraduate degree, a Bachelor of Science in General Science, from the University of Iowa, Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being an attorney and Certified Public Accountant, he maintains his designations as a Certified Financial Plannerr and Certified Retirement Counselorr. He is a member of the Minnesota and Iowa State Bar Associations, and the Minnesota Society of CPAs.


More With Cochran, Don Paul

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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