Your Roadmap to Success
|
|
- Joseph Fletcher
- 7 years ago
- Views:
Transcription
1 1 1 Your Roadmap to Success We start by saying congratulations! If you are reading this book, it means that you are a successful entrepreneur and are now looking to the next stage in your life. You have worked hard over the years to build your business to what it has become. You have a wealth of knowledge and experience that now needs to be passed on. Planning how the business will succeed into the future is as important as the planning undertaken to start and grow your business. Successful plans take time and care. The earlier you start planning, the greater the likelihood your transition will be smoother and successful. What is succession planning about? Succession planning is the process of exploring your options so you can protect the value of your hard-earned business investment and choose the right exit strategy that makes sense for you, your business and your family. Your succession plan starts with a vision for the future. It is your roadmap for taking charge as to how your future unfolds, whether your goals are financial security, family harmony and/or for the state of your health and peace of mind. Whether you want to keep the business in the family or harvest the proceeds and move on, succession is a process that requires thought, planning and time to arrange and implement. What this book will offer you This book will walk you through a structured process for analyzing your options and building your succession plan. It provides guidelines for creating and discussing your plans with your family members and other key stakeholders. It also presents numerous tips and checklists to help you through your succession planning journey. As your succession plan is as unique as your business itself, this book also includes a copy of these checklists on an accompanying CD which allows you the opportunity to create, modify and customize your succession plan to fit your unique situation. You can then use these checklists in discussions with your advisors who will assist in finalizing and documenting your plan.
2 2 Succession Planning Toolkit for Business Owners This toolkit is a guide to covering key and typical aspects business owners face when exiting their business. The chapters that follow guide you through the process of creating a succession plan. The topics include: Chapter 2 Exploring your options; Chapter 3 Keeping the business in the family; Chapter 4 Selecting and grooming a successor; Chapter 5 Planning a management buy-out; Chapter 6 Selling the business; Chapter 7 Determining the value of the business; Chapter 8 Financing the succession plan; Chapter 9 Understanding the tax and legal issues; and Chapter 10 Managing your wealth to secure your future. Life s successes and lessons Many of the concepts and strategies that are covered in each chapter are highlighted in Situations, Strategies and Solutions. These real life stories are based on interviews with Canadian business owners who agreed to share their succession planning stories. Some have learned the hard way, but by reading this book, you are putting yourself in a better position to prepare a solid succession plan so that you can enjoy your next journey wherever that journey might take you. Successful succession If you are thinking about the next stage of your life, you ve already started your succession planning. It s an informal plan but it s a starting point. } Successful succession doesn t just happen. Careful planning takes time. ~ A formal succession plan is a strategic document that sets out a process and schedule for a business owner s eventual withdrawal from the business. It outlines the steps the business owner will be taking to transfer management responsibilities and ownership interests. The formal succession plan includes the legal and other supporting documents such as the shareholders agreement and your will that are required to put the plan into effect and meet your objectives. The technical components ensure that the succession plan is implemented in a manner that will both benefit the business and keep family and/or employee relationships intact.
3 Chapter 1: Your Roadmap to Success 3 } The earlier you begin the process, the more successful the plan will be. ~ What does a succession plan include? The formal succession plan contains information about matters such as: The identity of the successor or successors; How the successor will be trained for his or her role; The roles of other key managers during the transition; The distribution of ownership; The mechanics for the transfer of shares in the business; Taxation and legal considerations; Financial considerations; Retirement considerations; A procedure for monitoring the process and dealing with disputes and problems; A timetable; and A contingency or back-up plan. What does a succession plan look like? The sample succession plan below was devised for Larry and Jane Jones, owners of a successful business. Larry and Jane were not in a position to select a successor (other than each other) but wanted to have measures in place in the event something should happen to either of them. The entire record fills a small binder, as the legal documents to give effect to their plan are referenced and included with it. Of course, each succession plan will differ according to the type of business and the owner s specific circumstances and exit strategy. X Y Z g r o u p s u c c e s s i o n p l a n Purpose The purpose of this document is to summarize all of the plans and documents in place with respect to the management and ownership succession of Larry Jones and/or Jane Jones. Refer to the Succession and Estate Planning binder for a comprehensive record of estate and succession plans. Management in the event of sudden death or disabilit y Larry and Jane have prepared contingency plans which should be referred to in the event of crises (see Succession and Estate Planning Binder, Tab 1). The contingency plans indicate that in the event of
4 4 Succession Planning Toolkit for Business Owners Larry s sudden death or disability, it is recommended that Jane should immediately be given the title, duties and authority of President. Conversely, if Jane were to suddenly become disabled or die, her contingency plan recommends that Larry immediately be given the title, duties and authority of Secretary-Treasurer. If both Larry and Jane were to be suddenly absent, the existing management team will take charge. Share ownership upon disabilit y Larry s Power of Attorney (date) indicates that in the event Larry becomes mentally incompetent or incapable of managing his affairs, Jane will be able to vote Larry s shares in XYZ Co. Jane s Power of Attorney (date) indicates that in the event Jane becomes mentally incompetent or incapable of managing her affairs, Larry will be able to vote Jane s shares in XYZ Co. Copies of Larry and Jane s Powers of Attorney can be found at Tab 2. Share ownership upon death XYZ Co. shareholders agreement (date) indicates upon Jane or Larry s death, the remaining shareholder will buy or the corporation will redeem the shares held by the deceased shareholder so that the estate may realize the value of the shares. A copy of the shareholders agreement can be found in the Succession and Estate Planning binder at Tab 3. Each year, Larry and Jane meet with their professional advisors to discuss if the plan needs to be updated to reflect any changes in their business or personal lives. What are the benefits of planning ahead? Planning will help ensure your business transition goes smoothly and profitably. A well-planned succession plan will help you: Ensure the future financial stability and value of your business; Determine a realistic timeline for selecting and grooming the best successor; Weigh the potential tax liabilities of transferring the ownership and structuring the transaction to minimize tax;
5 Chapter 1: Your Roadmap to Success Determine the transitional and future management roles of family members who are either currently involved, or would like to be involved, in the business; Set a timetable for transfer of ownership to your successor, whether a family member, employee or an outside purchaser; Integrate your business succession planning with your personal estate planning; Ensure legal documents that give effect to your plan (e.g., the shareholders agreement and the transfer of the business ownership) are appropriately drafted. This also includes supporting documents such as your will, estate plan, marriage or domestic contract, any employment contracts and insurance policies; and Develop a contingency plan for the business to ensure its survival should you or a key manager become incapacitated. } Tax is a critical component of any succession plan; however, it should not drive the process. Your goals for yourself, your business and future generations should drive your decisions in creating your succession plan. ~ Working with your professional advisors Good, sound professional advice has a way of paying for itself. Your exit from the business may well be the most complicated financial transaction you undertake, and must be approached with the utmost of caution. There is a lot to organize and plan for and a great deal of professional advice is required. It is crucial to know when to step back and bring the professionals into the transaction, especially as emotions can sometimes stand in the way of making sound business decisions when personal affairs are on the line. Surround yourself with the best professional advisors chartered accountant, tax advisor, lawyer, banker, personal financial planner and succession planning specialist/facilitator as they will play important roles in laying the groundwork for successfully implementing a plan that will achieve your objectives. Now is not the time to put your company at risk by trying to do everything yourself. Hire the right professionals!
6 6 Succession Planning Toolkit for Business Owners } With careful planning and appropriate advice along the way, you can take charge of how your future unfolds. ~ Failing to plan is planning to fail Succession planning is all about taking the helm and setting the course for your eventual exit from the business. Lack of a carefully thought through succession plan, with input from family members and other key stakeholders, could mean under-valuation, under-performance or ultimate failure of the business. In family-owned businesses, the lack of a formalized succession plan is viewed as one of the biggest reasons 70% of intergenerational transfers fail to survive into the second generation and 90% fail to pass to a third generation. Failure to plan, communicate and manage succession is the greatest threat to the survival of a business. Family conflict can easily overcome a family business. As succession planning represents a critical turning point for you and your family, the input from family members (including those not involved in the business) throughout the planning process can spell the difference between success and failure. Who s going to be in charge when you leave? Why should Frank succeed you when Alex is just as good? Why does Brenda always get her way? Who will sign the cheques? I have no intention of working around the clock like Mom and Dad! Will everyone get their fair share? What is fair share? Why are you thinking about selling the business? What s going to happen to the employees who have been with us all these years? What s in it for me?!!! If not properly handled, the tension and conflict could tear the family apart. To reduce this risk, many families hire a professional neutral facilitator to assist them in discussing business and personal issues and understanding each other s perspectives. } Family dynamics add a challenging dimension to succession planning. ~
7 Chapter 1: Your Roadmap to Success 7 A well-structured succession plan A well-structured succession plan includes the strategy and tools that will help ensure: The business is ready for succession; A successor is properly identified and ready, willing and able to take over the business at the appropriate time. Depending on the owner s exit strategy, the successor may be a family member, a key manager in the business or an outside party; and Key stakeholders such as family members and non-family senior management are involved in the plan. When should you start planning? Today. Not tomorrow. } The more time you have to plan, the more options you can consider and the more likely you will achieve your goals. ~ Don t wait until your retirement is close on the horizon. Early planning will help minimize the risks for your business and your family as well as give you enough time to achieve the best balance of family and business priorities. Certainly, it can reduce stress and costs. } By involving your family members and other key stakeholders early in the process, you will be better prepared to make the best decisions for everyone involved. ~
8 8 Succession Planning Toolkit for Business Owners Some experts recommend the optimal timetable for planning is 10 years. In truth, planning can be accomplished in two to three years, or less if absolutely necessary. The earlier planning begins, the better, however. For example, potential successors need to be involved and aware of your plan well in advance so that they can build their knowledge, experience and skills to eventually take over the business. Alternatively, if you are thinking about selling to an outside third party, you will want to plan the timing of the sale so that you can get the maximum value for your business or find just the right buyer. } Your succession planning can help you reap the rewards of all your hard work. But it requires your commitment. ~ Planning Checklist 1.1 Getting Started will help you focus on the matters that we will be discussing throughout this book. It can also help you overcome the procrastination that so commonly postpones the owner s succession planning. So let s get started! f o c u s o n p l a n n i n g Your roadmap to success In this chapter, we have discussed: The process of creating your formal succession plan; What a succession plan includes; Working with professional advisors; and The benefits of planning early. The next chapter provides an overview of your options for exiting the business.
9 Chapter 1: Your Roadmap to Success 9 P L A N N I N G C H E C K L I S T 1.1 Getting Started This checklist is designed to help you get started on your succession planning journey. Family members often play a very important role. If you have not discussed these issues with your family, you will likely be surprised at how many sleepless nights they have had worrying about some of these very same issues, although usually from a different perspective. Write down your answers to the following questions. If something were to happen to you today Who could run the business? Who would run the business? Who do you want to run the business? What income would there be for you and/or your family to sustain your current lifestyle? How much do you and your family need to sustain your current and future lifestyle? Valuation How much do you think the business is worth if you sold it to an outside buyer? How much do you think the business is worth if you sold it to a family member? Insurance How much and what type of business and personal life insurance do you have? Who are the beneficiaries? Legal Do you have a will? If so, when did you last amend it to reflect any changes in your personal and business life or your wishes? Are you aware of how your estate will be handled if you do not have a will or if the will has been found to be invalid? Do you have a power of attorney? Do you have a shareholders agreement?
10 10 Succession Planning Toolkit for Business Owners Business Do you have a strategic plan for your business? Who are the stakeholders in your business? Family members Business partners Key employees Franchisor or distributor When would you like to slow down or exit the business? How much time do you have to prepare for your transition?
# of Annual % of Busines Sales Busine Sell for % for Sale % that Sell ses sses < $500K $500K- $1M $1 - $2.5M $2.5- $10M $10-$50M >$50M 100
With Succession in Mind Increasing Your Business Value For Remodelers Gregory R. Caruso Attorney, CPA, CVA Principal, 410-507-5441 gcaruso@harvestbusiness.com 1 What We Will Cover Huge Value Swing Business
More informationExiting your Business
Exiting your Business The material in this document is intended to provide only general information to Canadian Western Bank s clients and the public, and not for the purposes of providing professional
More informationPreserve, protect, and promote the value of your business. Start your business trek towards transition today.
F e d e r a l R e s e r v e B a n k o f K a n s a s C i t y O m a h a B r a n c h i n p a r t n e r s h i p w i t h Creighton University School of Law Community Economic Development Clinic Nebraska Business
More informationGetting Family Business Owners Off the Dime: How to Get Them Started on Estate and Succession Planning
Getting Family Business Owners Off the Dime: How to Get Them Started on Estate and Succession Planning Cash Flow For a Surviving Spouse...2 The Trustee...4 Tax Charging Clauses...8 The direction to Retain
More informationGrooming Your Business for Sale
PRIVATE COMPANIES Grooming Your Business for Sale Plan for the Future but Be Prepared for the Unexpected KPMG ENTERPRISE 2 Grooming Your Business for Sale Grooming Your Business for Sale Plan for the Future
More informationNavigating Your Financial Future
Navigating Your Financial Future Our Mission To help clients and their families navigate their financial future, charting the course to achieve their financial goals today, tomorrow and for years to come.
More informationBusiness Owners Planning Guide. Your Name. Date Completed / Last Updated
Business Owners Planning Guide Your Name Date Completed / Last Updated Mark Halpern CFP, TEP Certified Financial Planner, Trust & Estate Practitioner INSURANCE, RETIREMENT & ESTATE PLANNING Suite 210,
More informationYour Guide to Business Transition Planning
Your Guide to Business Transition Planning Your Trusted Advisor For over 100 years, generations of Canadians have relied on the expertise of CIBC business advisors to manage their finances. Today, our
More informationLife s brighter under the sun. Business Succession Planning Checklist
Life s brighter under the sun Business Succession Planning Checklist Table Of Contents Table of Contents......................................................................... 3 The Family Business........................................................................
More information"The Choice is Elementary"
"The Choice is Elementary" ROTECTING YOUR BUSINESS Business Insurance Why you can t wait No one wants to think about the what if s but if you are a partner in a successful business, the what if s can t
More informationAn In-depth Review of Buy-Sell Agreements and the Important Role they Play in Succession Planning
An In-depth Review of Buy-Sell Agreements and the Important Role they Play in Succession Planning Dated: September 2014 The business interest is often the single largest asset of a closely-held business
More informationThe ATB Guide to Succession Planning
The ATB Guide to Succession Planning Planning for your future - an introduction 2 What is succession planning? 3 Reasons you don t have a succession plan 5 Why Bother with succession planning? 8 What s
More informationENDURING POWER OF ATTORNEY - My role as Attorney -
What is an Attorney ENDURING POWER OF ATTORNEY - My role as Attorney - When a person makes an Enduring Power of Attorney, he or she appoints another person to manage finances and other assets. The person
More informationBuilding a succession plan
Investing in your future Building a succession plan In association with In association with Contributors Scotiabank Scotiabank is a believer in the Succession Planning Toolkit because we recognize the
More informationUNDERSTANDING MUTUAL FUNDS. TC83038(0215)3 Cat No 64095(0215)
UNDERSTANDING MUTUAL FUNDS 10 % TC83038(0215)3 Cat No 64095(0215) Investing your hard earned money comes with some big decisions. So, before you invest, you need to ask yourself a simple question: What
More informationRetiring from the Family Business Last update: October 27, 2011
Summary Retiring from the Family Business Last update: October 27, 2011 If you are the owner or a major partner in a small business, your retirement concerns are more complex than most people s. It is
More informationWelcome. Sincerely, Tim & Nichole Gardner Financial Planning
Welcome Welcome to Gardner Financial Planning. Our goal is to help each client to achieve their life's goals through a unique combination of proactive, integrated financial planning and asset management.
More informationFamily Business Succession Planning
Firm Name Team Name (if one) CPA Planner Name, Credentials Title Street Address City, NY 13160 Phone number xext # Alternate phone # address@email.com website URL Family Business Succession Planning Presentations
More informationBusiness Succession Planning
Business Succession Planning with Key Person Coverage and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business. But are you taking the
More informationBusiness Su c c e s s i o n Pl a n n i n g
Business Su c c e s s i o n Pl a n n i n g w i t h Key Pe r s o n Co v e r a g e and Buy-Sell Agreements Program Highlights & Fact Finder You put maximum effort into establishing and running your business.
More informationBusiness Succession Planning Basics
Create a lasting legacy for your business Your guide to business succession planning Your guide to business succession planning The Canada Life Assurance Company Create a lasting legacy for your business
More information17.75 in. 11 in. 16 in. 5 in. RADIUS CORNER.5 in. 8.5 in. 8.5 in..75 in.
17.75 in. LIFE INSURANCE Variable Life Insurance is offered by prospectus only, which is available from your registered representative. You should carefully read the product prospectus and consider the
More informationATTORNEY S REPORT Winter 2013
ATTORNEY S REPORT Winter 2013 MAKING A GRACEFUL EXIT Successtion Planning for Attorneys With a wave of baby boomer attorneys rushing toward retirement, law firm succession and exit planning is one of the
More informationSuccession Planning By Dean R. Fowler, Ph.D.
Succession Planning By Dean R. Fowler, Ph.D. "On a hot August afternoon, Ted Brown stepped from his attorney's office, satisfied that the papers he'd just signed would provide financial security for his
More informationPlanning for Succession of a Business Interest
Planning for Succession of a Business Interest Page 1 of 5, see disclaimer on final page Planning for Succession of a Business Interest Business succession planning--what is it? One of the important decisions
More informationFoundational. Perspective
Foundational A Better Financial Plan was founded on the realization that there are favorable alternatives to the status quo financial strategies of today. Methods, that if properly implemented provide
More informationBuy Sell For Business Owners
ADVISOR PLANNING CONCEPTS Buy Sell For Business Owners One of the major concerns facing owners of family or closely held businesses is how to effect an orderly transfer of the business to the next generation
More informationIt s Time For A New Financial Approach: One All About You. Authored by Scott Jarred
It s Time For A New Financial Approach: One All About You Authored by Scott Jarred Traditional financial thinking and techniques are becoming outdated. It s time for you to be the author of your financial
More informationRoy Messing Program Coordinator Ohio Employee Ownership Center Kent State University
Roy Messing Program Coordinator Ohio Employee Ownership Center Kent State University Program Overview Brief Overview of Succession Planning Background & Basics Selling Options Professional Assistance Helpful
More informationFIX YOUR FOLLOW-UP PROCESS
FIX YOUR FOLLOW-UP PROCESS CAPTURING THE LOST OPPORTUNITIES IN YOUR SALES FUNNEL Automated Advisor - Fix Your Follow Up Process BRANDON STUERKE 1 Fix Your Follow Up Process The Cold, Hard Facts Here is
More informationChoosing HOW you fund your business is just as IMPORTANT as the business you choose.
Choosing HOW you fund your business is just as IMPORTANT as the business you choose. About Benetrends Benetrends has been helping visionary entrepreneurs successfully launch their dreams for nearly 30
More informationRevocable living trusts
Revocable living trusts A flexible and practical estate planning tool A revocable living trust can accomplish a variety of personal, family and tax planning goals. It typically lets you retain complete
More informationPASSING THE TORCH. How to plan for a successful succession
PASSING THE TORCH How to plan for a successful succession KEY TAKEAWAYS Having a succession plan in place is vital to the ongoing success and potentially to the near-term growth of your practice. You can
More informationThe Financial. of Divorce
The Financial Aspects of Divorce What You Need to Know Before the Negotiations Begin By Elaine E. Bedel, CFP President, Bedel Financial Consulting, Inc. 1 Introduction Whether you should stay the course
More informationConveyancing Guide Making your Home yours..
Conveyancing Guide Making your Home yours.. Introduction to Conveyancing Buying your new home can be a long and difficult process and the final step, the legal one, often seems the biggest. Buying a house
More informationGETTING THE MOST OUT OF YOUR LIFE INSURANCE
GETTING THE MOST OUT OF YOUR LIFE INSURANCE The Irrevocable Life Insurance Trust AMERICAN ACADEMY OF ESTATE PLANNING ATTORNEYS, INC. Getting The Most Out Of Your Life Insurance 1 If you own life insurance,
More informationFinancial Checkup. Use this Checkup to: Get Organized Identify the Gaps in Your Financial Life Work More Effectively With Your Financial Advisor
Financial Use this to: Get Organized Identify the Gaps in Your Financial Life Work More Effectively With Your Financial Advisor Table of Contents Financial Topics: Page Investments General......................................
More informationTransferring Your Business Interest with a Buy-Sell Agreement
Besselman & Associates Patricia Ann Besselman CFP James M. Besselman, CLU, ChFC 111 Veterans Blvd. Ste. 360 Metairie, LA 70005 504-831-3506 pbesselman@besselmanandassoc.com Transferring Your Business Interest
More informationTen Tough Interview Questions and Ten Great Answers
This tool is designed to identify typical questions asked and the kinds of answers that demonstrate a concise and thoughtful response. The following are some of the most difficult questions asked during
More informationSocial Media Tips for Small Businesses
Social Media Tips for Small Businesses By Jenn Renner, Marketing & Distribution Manager, Gold Pages Publishing, Inc. When it comes to Social Media Marketing, now is the time to up your game. Here s a few
More informationab YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY
YOUR GUIDE TO THE LEGAL PROCESS FOR SELLING A PROPERTY Selling a house or flat is almost certainly one of the most important transactions you'll ever make. Obviously you want to get it right, and it's
More informationBUSINESS SUCCESSION: PLAN NOW FOR SUCCESS
BUSINESS SUCCESSION: PLAN NOW FOR SUCCESS 6 STEPS TO ACHIEVE YOUR VISION As a business owner, you ve invested time and effort to build a business that supports your family and many others, including employees,
More informationWILLS AND ESTATES MAKING A WILL, OBTAINING GRANTS OF REPRESENTATION, DISPUTES & CLAIMS AGAINST A DECEASED ESTATE & ESTATE PLANNING
WILLS AND ESTATES MAKING A WILL, OBTAINING GRANTS OF REPRESENTATION, DISPUTES & CLAIMS AGAINST A DECEASED ESTATE & ESTATE PLANNING The most difficult time in any person s life is when a loved one is ill
More informationUsing trusts can help to make sure your financial plans take care of the future
Using trusts can help to make sure your financial plans take care of the future 2 Trusts and what they do If you ve already taken the time to make financial plans for the future, using trusts can help
More informationBUSINESS SUCCESSION PLANNING
BUSINESS SUCCESSION PLANNING TABLE OF CONTENTS The planning, an essential step 3 Transfer of the business to a family member 4 Transfer of the business to a partner, the management team or employees 5
More informationSuccession Planning Guide
Succession Planning Guide The realities of succession planning and the future sale of your business Succession Planning Guide 1 Introduction Contents In New Zealand it is estimated 24% of small business
More informationLAST WILL AND TESTAMENT
LAST WILL AND TESTAMENT WHAT IS A WILL? A will is a legal document prepared during your lifetime to take effect upon your death. IT ALLOWS YOU TO: decide what to do with your Estate rather than have the
More informationBusiness Transfer Issues
Business Transfer Issues Overview A will directs the disposition of your assets but, when you do not want to leave your business to your heirs, you may also need a business purchase agreement (also known
More informationProtect your business, your family, and your legacy.
An Educational Guide for Business Owners Protect your business, your family, and your legacy. Take a closer look at buy-sell agreements. Needs-based Strategies Your business is probably your single largest
More informationFinancial Planning and Your Small Business
Financial Planning and Your Small Business FAMILY PLANNING EDUCATION INVESTMENT RETIREMENT SAVING EQUITY FAMILY PLANNING EDUCATION INVESTMENT RETIREMENT SAVING EQUITY FAMILY PLANNING EDUCATION INVESTMENT
More informationSUCCESSION PLANNING GUIDE
SUCCESSION PLANNING GUIDE FOR FOOD PROCESSING & AGRICULTURE BUSINESSES Preserve your business, and your legacy, for generations to come What Is Succession Planning? 1 It s Not Just Business It s Personal
More informationFunding Your Buy-Sell Agreement with Disability Insurance
Platinum Advisory Group, LLC Michael Foley, CLTC, LUTCF Managing Partner 373 Collins Road NE Suite #214 Cedar Rapids, IA 52402 Office: 319-832-2200 Direct: 319-431-7520 mdfoley@mdfoley.com www.platinumadvisorygroupllc.com
More informationDrafting Buy-Sell Provisions in Shareholder Agreement
Drafting Buy-Sell Provisions in Shareholder Agreement Can We "Insure" Compliance? As published in American Bar Association s Business Law Today Volume 19, Number 5 May/June 2010 Prepared by: Mark High
More informationWhere you hold your investments matters. Mutual funds or ETFs? Why life insurance still plays an important estate planning role
spring 2016 Where you hold your investments matters Mutual funds or ETFs? Why life insurance still plays an important estate planning role Should you undo a Roth IRA conversion? Taxable vs. tax-advantaged
More informationTips for Avoiding Bad Financial Advice
Tips for Avoiding Bad Financial Advice This guide is a free public service from Paladin Registry. It contains information that will increase your awareness about issues that concern advisors and help you
More informationFinancial Planning and Your Small Business
Financial Planning and Your Small Business The Financial Planning Association (FPA ) is the leadership and advocacy organization connecting those who provide, support, and benefit from professional financial
More informationVALUED REPRESENTATION When Selling a Business
VALUED REPRESENTATION When Selling a Business VR Has Sold More Businesses In The World Than Anyone. SELLING YOUR BUSINESS The entrepreneurial boom has changed the face of business around the globe. Today,
More informationPut your trust in us TRUST COMPANY
Put your trust in us TRUST COMPANY Mission At D.A. Davidson Trust Company, we offer straightforward advice, personalized solutions, and industry expertise. We are dedicated to helping clients achieve their
More informationCompanion Animals Amphibians & Reptiles Cats Dogs Horses Veterinary Science
Making the Character Connection with Companion Animals Amphibians & Reptiles Cats Dogs Horses Veterinary Science Being a person of good character means you follow the Six Pillars of Character SM everyday.
More informationChris Pan, CWM, MFP-USA. MBA (Financial Management)-Aust MBA (Marketing)-UK Email: wwpan@singnet.com.sg Http://www.FMDynamics.com
Chris Pan, CWM, MFP-USA MBA (Financial Management)-Aust MBA (Marketing)-UK Email: wwpan@singnet.com.sg Http://www.FMDynamics.com Its Your Business and Your Life. If your re like most small business owners,
More informationPOSSIBILITIES. Caring for Your Aging Parents. 2 Financial Planning: Helping You See the Big Picture. 4 Funding Your Future with a Fixed Annuity
POSSIBILITIES FINANCIAL INSIGHTS FOR INDIVIDUALS AND BUSINESSES APRIL 2012 Caring for Your Aging Parents Caring for your aging parents is something you hope you can handle when the time comes, but it s
More informationplain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love.
plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. Thinking about life insurance? You re not alone. Canadians generally agree
More informationShare Structures and Rollovers
TAX ISSUES FOR COMMERCIAL PRACTITIONERS PAPER 3.1 Share Structures and Rollovers These materials were prepared by Annie H. Chen of Richards Buell Sutton LLP, Vancouver, BC, for the Continuing Legal Education
More informationSharing interests in a life insurance policy
Sharing interests in a life insurance policy Important considerations All comments related to taxation are general in nature and are based on current Canadian tax legislation for Canadian residents, which
More informationESOP Advantage. Employee Stock Ownership Plan
ESOP Advantage Employee Stock Ownership Plan E The Smart Way to Structure Your Business The most important business move you ll ever make - could be your next one. If you are an entrepreneur launching
More informationEducation Online EXPERT EDUCATION IN YOUR OWN TIME
Education Online EXPERT EDUCATION IN YOUR OWN TIME Online education is a great way to learn at your premises and at your convenience. With this guide, you can choose from the many informative and practical
More informationA Guide to LLCs. Forming a Limited Liability Company
A Guide to LLCs Forming a Limited Liability Company Advantages of Forming an LLC Real Estate Investments and LLCs Operating and Maintaining an LLC Comparing LLCs to Other Business Structures Table of Contents
More informationBUY-SELL AGREEMENT CHECKLIST
WILLIAM C. STALEY, ATTORNEY BUY-SELL AGREEMENT CHECKLIST This checklist has three purposes: To acquaint you, as the shareholder of a closely-held business, with key choices that you should consider for
More informationProtecting Against Financial Abuse. A guide for older Albertans, their families and friends
Protecting Against Financial Abuse A guide for older Albertans, their families and friends Reprint September 2013 It can happen to anyone Financial abuse is one of the most frequently reported types of
More informationUnderstanding family dynamics and family conflicts
www.pwc.com/me Understanding family dynamics and family conflicts This article is written by Amin Nasser, Partner - Private Company Services Leader at PwC Middle East. Understanding family dynamics and
More informationHow To Plan A Successful Family Business Transition
Preparing for Family Business Transitions Achieving the Vision for the Business and Family Prepared by: Arne Boudewyn Senior Director, Family Dynamics Wendy Morgan Director, Planning Richard C. Watson
More informationDevelop Your Intuition about Value Multiples By Serena Morones, CPA, ABV, ASA, CFE
By Serena Morones, CPA, ABV, ASA, CFE Introduction Do you have a reasonable sense about what multiple of EBITDA is appropriate to value your client s business? Or do you toss around standard rules of thumb
More informationEntrepreneurs Wary of Dilution? A Perspective to Consider
Entrepreneurs Wary of Dilution? A Perspective to Consider Most entrepreneurs are loath to give up equity anyone who has ever watched Shark Tank knows that. And it makes sense. After all, it s your breakthrough
More informationWelcome to Aspire. Expert financial advice for you
Welcome to Aspire Expert financial advice for you Welcome to Aspire At Aspire we have one goal in mind to give you the financial advice you need and complete peace of mind that your finances are in the
More informationWealth Planning. Wealth Planning for the Sale of a Business
Wealth Planning Wealth Planning for the Sale of a Business JULY 2014 Selling your business may be the most important financial event in your life. In some cases, the business has been family-owned for
More informationOrganizing Your Assets: Estate Planning
Estate Planning Chapter 8 Organizing Your Assets: Estate Planning In This Chapter, Learn: Whether You Should Have a Will or Trust What Happens if You Don t Have a Will Whether You Need an Attorney to Create
More informationPlanning for Elder Care in Mississippi
Planning for Elder Care in Mississippi I. Wills What is a Will? A will is a writing which makes a testamentary disposition, which is a gift to be made upon the death of the maker. If valid, a will allows
More informationTHE JOY OF HOME OWNERSHIP FAQ
THE JOY OF HOME OWNERSHIP FAQ Congratulations. By visiting the JoyofHomeownership.com, you are one step closer to owning your own home. Below are answers to a few Frequently Asked Questions concerning
More informationThe Demanding Job of An ILIT Trustee
The Demanding Job of An ILIT Trustee Good day. Thank you for coming. The subject of my remarks today is The Demanding Job of An ILIT Trustee. An ILIT is short-hand or a nickname for an Irrevocable Life
More informationI Organizing the Business: Buy-Sell Agreements
I Organizing the Business: Buy-Sell Agreements CLIENTS FORMING OR ACQUIRING businesses devote a substantial amount of time and attention to many matters, each of which is critical for the success of the
More informationKey #1 - Walk into twenty businesses per day.
James Shepherd, CEO You can be successful in merchant services. You can build a residual income stream that you own. You can create lasting relationships with local business owners that will generate referrals
More informationTHINGS. Smart REALTORS Should Do Before They Retire
5 THINGS Smart REALTORS Should Do Before They Retire Retirement may seem like a far-off and distant dream to real estate agents in the prime of their careers. But no matter what stage you are in, there
More informationLiving trusts they re not for everyone
VOL. 98-1 DATE: December 10, 1998 FROM: Evelyn M. Zeller* SENIOR BULLETIN: ESTATE PLANNING & GUARDIANSHIP Living trusts they re not for everyone What is a trust? A trust is a legal arrangement in which
More informationSuccession Planning: Continuing Success
Succession Planning: Continuing Success Succession Planning: CONTINUING SUCCESS INTRODUCTION... 3 STEP ONE: DEVELOPING THE PLAN AN OVERVIEW... 5 STEP TWO: GATHERING & ANALYZING RELEVANT DATA... 6 STEP
More informationReal Life Financial Planning For the Young Dental Professional A Dental Professional s Guide to Financial Security
Real Life Financial Planning For the Young Dental Professional A Dental Professional s Guide to Financial Security Marshall W. Gifford & Todd D. Bramson 1 Introduction Why the title, Real Life Financial
More informationBuy-Sell Review. Prepared for Kramerica, Inc. Omaha, Nebraska
Buy-Sell Review Prepared for Kramerica, Inc. Omaha, Nebraska Thank you for requesting a Principal Buy-Sell Review. We have received the following documents: Shareholder Agreement ( Agreement ), dated March
More informationBUSINESS STRATEGIES. Stock Redemption Arrangement for Closely Held Corporations. A successful business has a business succession strategy.
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA BUSINESS STRATEGIES Stock Redemption Arrangement for Closely Held Corporations BUSINESS CONTINUATION A successful business has a business succession strategy.
More informationTHE FAMILY GUIDE TO ESTATE PLANNING
THE FAMILY GUIDE TO ESTATE PLANNING Learn about what makes up a good estate plan, beginning with the questions to ask before you even get started. Plus, you ll understand: Why executors, guardians and
More informationSAN DIEGO LAW FIRM S GUIDE TO ESTATE PLANNING SERVICES
SAN DIEGO LAW FIRM S GUIDE TO ESTATE PLANNING SERVICES Table of contents Why choose San Diego Law Firm? 1 SDLF estate planning service offerings 3 What it s like to work with SDLF 5 How to get started
More informationBuy-Sell Agreement Planning Checklist
Buy-Sell Agreement Planning Checklist The Buy-Sell Agreement 1 Whenever a corporation has more than one shareholder, it is commonly recommended that the shareholders enter into a buy-sell agreement to
More informationMoss Adams Introduction to ESOPs
Moss Adams Introduction to ESOPs Looking for an exit strategy Have you considered an ESOP? Since 1984, we have performed over 2,000 Employee Stock Ownership Plan (ESOP) valuations for companies with as
More informationS.W.O.T. Analysis Identifying Your Strengths, Weaknesses, Opportunities, and Threats
S.W.O.T. Analysis Identifying Your Strengths, Weaknesses, Opportunities, and Threats A SWOT analysis is a term used to describe a tool that is effective in identifying your Strengths and Weaknesses, and
More informationA Proactive Approach to Estate Planning as a Family
TABLE OF CONTENTS 2 What to focus on 2 Selecting Fiduciaries 4 Special Planning Issues 5 Planning for Aging Parents 6 Planning for Your Own Care 7 Easing the Family Burden on Death A Proactive Approach
More informationPresentations also allow you to add an introductory note specifically for the client receiving the presentation.
Firm Name Team Name (if one) CPA Planner Name, Credentials Title Street Address City, NY 13160 Phone number xext # Alternate phone # address@email.com website URL Estate Tax Presentations also allow you
More informationAN INTRODUCTION TO GRAY PLANT MOOTY S FAMILY BUSINESS ADVISORY TEAM AND A HEALTH CHECK FOR THE FAMILY BUSINESS
AN INTRODUCTION TO GRAY PLANT MOOTY S FAMILY BUSINESS ADVISORY TEAM AND A HEALTH CHECK FOR THE FAMILY BUSINESS FAMILY-OWNED BUSINESSES Gray Plant Mooty s Family Business Advisory team is a multidisciplinary
More informationA. What Seller should be doing. Future retirees should note that it can take a decade to properly prepare a practice for sale.
Succession Planning: Transitoin to and From Ownership Charlotte A. Lacroix DVM, JD i Veterinary Business Advisors, Inc. www.veterinarybusinessadvisors.com Buying or selling a veterinary practice generally
More informationFinancial Planning module
Financial Planning module Trainer s Introduction Financial planning covers a broad range of topics, and in the best cases brings them together in an orderly, integrated way. However, because it requires
More informationWhy buy life insurance?
Why buy life insurance? Allianz Life Insurance Company of North America M-5173 Page 1 of 8 Discover the many benefits of life insurance Life insurance can be an important and versatile part of your overall
More informationSuccession Planning for Small Business Owners, Part 1:
Succession Planning for Small Business Owners, Part 1: Thinking Ahead With the Big Picture In Mind Dave Pullin Succession Planning for Small Business Owners, Part 1: Thinking Ahead With the Big Picture
More information