Business Succession Planning Update: Saving the Goose that Lays the Golden Egg

Date: Monday, June 10, 2019
Instructor: Bradley Burnett
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  4 hours for CPAs
4 hours Federal Tax Law Updates for EAs and OTRPs
4 hours Federal Tax Updates for CTEC

90% of all U.S. businesses are family businesses. These 20 million businesses generate 49% of GDP, employ 59% of the workforce and create 78% of new jobs. 70% of family businesses fail to survive the second generation and 87% fail to survive the third generation. Why the high failure rate? Two reasons: 1. Failure to plan adequately for succession from the older generation to the younger generation from logistical, liquidity and emotional perspectives; and 2. Failure to adequately estate plan to minimize income and transfer tax costs and creditor/predator risks.

Join expert, Bradley Burnett, J.D., LL.M., as he analyzes why family business succession plans (or the lack thereof) most often fail, identifies the precipitating downfalls and explores remedies to prevent them. A model(s) is presented for effective succession from one generation to the next. Particular emphasis is provided on how recent developments and estate and gift tax uncertainty on the immediate horizon may tip the balance.

Who Should Attend
Any person interested in successfully seeing a closely held family business from one generation to the next.

Topics Covered

  • Basic questions to be addressed for effective succession planning
  • Developing a plan (step-by-step format)
  • Recent developments worthy of attention and action
  • When to begin planning, how often to revisit an existing plan
  • Transfer and income tax considerations
  • Protection maneuvers against creditors, predators and in-laws
  • Capital structure devices: family partnerships, family LLCs, S corps
  • Direct lifetime vs. testamentary gifts, transfers and intra-family sales
  • Liquidity considerations
  • Symptoms of a plan in trouble, possible solutions
  • How CPAs enter the succession planning fray to build their own business

Learning Objectives

  • Identify the challenges and opportunities facing entrepreneurial business desiring to pass on within the family to a future generation(s)
  • Recognize the approaches and tax breaks to make entrepreneurial business possible


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of business succession planning

Advance Preparation

Registration Options
*Note: 3 or more qualifies for discounted Group Participant Fee
Regular Fee $144
Group Participant Fee $122

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