Business Owner Succession Planning (BOSP)

Most small and medium-sized business owners anticipate retiring at some point, and should plan for a succession by family members or third parties. This program discusses tax and legal concerns associated with giving up control and ownership of a business. Panelists will discuss succession plan options available to business owners, ranging from outright sale to family members or third parties to a family limited partnership. Different approaches may apply depending on whether a business is organized as a corporation or partnership.

• Differences between an asset sale and a stock sale
• Tax consequences associated with the sale of a partnership/MMLLC interest
• Section 754, Section 338 and Section 338(h)(10) elections
• Consulting agreements and employment agreements between buyers and sellers
• Redeeming the stock or buying back the partnership interest of a controlling family member
• Buy-sell agreements
• Business transfers using grantor retained annuity trusts or grantor retained unitrusts
• Selling a business using a private annuity
• Transferring an interest in a family business using a family limited partnership

• Understand the tax aspects associated with the various tax-advantaged ways by which an older family member can exit the family business
• Understand the various options available to structure a business succession plan