• Planning For The Late Stage Business Owner

  • Sep 20 2023
  • Length: 14 mins
  • Podcast

Planning For The Late Stage Business Owner

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  • Summary

  • Podcast Show Notes: Introduction: Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights. Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners. Estate Planning for Late-Stage Business Owners: Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business. Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution. Charitable Planning: Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations. Transition Planning: Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership. Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations. Sophisticated Wealth Transfer Strategies: Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession. Legacy Planning: Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations. Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy. Conclusion: Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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