Creating a profitable exit plan
Every business owner eventually needs to transition their business. To be able to transition when they want, how they want, and for the price they want, your clients need to start the exit planning sooner rather than later.
The 4th Annual Family Business Update will provide the latest legislative developments and case law impacting family businesses, as well as tools and techniques to help you guide your business clients through the exit planning process.
Good exit planning can make the difference between being forced to liquidate a company (because it’s the only option) and being able to sell/transfer it for a lucrative value. Discuss four possible exit planning options. Understand how each approach is financed and what happens to the proceeds.
In addition, you’ll hear from a panel of business owners and lenders who will share lessons they learned after encouneterin curveballs in their own exit planning experiences. Learn ways to prepare for similar situations in your own practice.
Trusting the trustee
When appointing a trustee, it’s important your clients trust their decision and aren’t worried that squabbling family members will threaten the business that they worked so hard to build. Receive strategies for selecting a trustee. Review the roles of trustees and trust protectors under Wis. Stat. chapter 701.1 Discuss how to creatively use a trust:
- In lieu of a prenup
- To prevent issues with second spouses
- When a beneficiary has a substance abuse problem
During the in-person event and live webcast, you’ll also be able to participate in live polling and test your ethical acumen when it comes to representing closely held businesses and families.
1 Estate Planning Metamorphosis: Wisconsin’s New Trust Code