Business Owner Succession Planning

Miller Nash partner Bill Manne will be speaking on a panel at the Associated General Contractors Oregon Columbia Chapter's Summer Convention, addressing the issues surrounding succession planning for business owners.

As a business owner, no matter where you are in the life cycle of your business, you should consider a holistic approach to transition issues that do and will affect your business. Succession planning is particularly relevant to construction entities, as many are family-owned and/or small businesses. Business owners can benefit substantially by beginning to develop their own exit plan well in advance of the time they actually wish to leave the business. This has been a popular topic at other conferences, most recently at AGC's national conference last year. This presentation will address the following issues:

• Establishing your critical management succession objectives, such as your anticipated departure date and to whom you want to transfer the business.
• Determining how much income you need to achieve your personal and financial goals.
• Finding out how much your business is really worth (not just your best guess).
• If you are contemplating a sale, how to identify strategies to increase the value of your ownership interest.
• How to be certain you have structured your exit transaction to maximize your cash, minimize your tax liability, and reduce your risk.
• Figuring out how your succession plan impacts your estate planning objectives.
• Evaluating the impact on the business before and after the transaction, and identifying strategies to address those issues.
• Determining the emotional and human issues that should be considered.

For more information, click HERE.