Part 1 - Succession Planning Basics
Understand how to outline and understand the important questions which drive effective succession planning; create a plan for business and personal issues; setting priorities; and drive the action plan. Consider the benefits of good governance in business and family to support the succession process, designing business boards to fit your situation. Discern the elements of family governance (family constitution, family council, family assembly) and how good family governance drives good business governance.
Bruce D. Werner, Kona Advisors LLC, Chicago
Part 2 – Employment Law Issues for Business Sellers
Learn how to develop a strategic approach to employment agreements to make the business attractive to potential buyers; audit and resolve employment-related issues that are most likely to derail a sale or result in a purchase price reduction; and decide who is inside and outside the information tent and when to bring them in. Understand stay bonuses and other techniques to get key team members to closing (and beyond if it helps the deal). Consider the seller’s role with respect to employment agreements between buyer and key employees who are staying, and potential conflicts of interest in this process. Increase your negotiation skills concerning post-closing employment covenants, including offers of employment, employee compensation, retention pools and other employee incentives. Ensure that the transition of employees from seller to buyer doesn’t inadvertently violate employment laws.
Laura B. Friedel, Levenfeld Pearlstein, LLC, Chicago
Part 3 – Succession: The Ins and Outs of Estate Planning for Closely-Held Businesses
Clients are great at building their businesses. Often times, however, the greatest business people overlook planning for the end of a business’ life-cycle. Learn about tips, considerations and strategies for designing and implementing estate plans for your clients to enhance the next steps in the life cycle for their business, whether it be developing a successful succession plan or planning for a liquidity event.
Steven L. Kriz, Levenfeld Pearlstein, LLC, Chicago
Part 4 – Understanding Transactions
Understand how to explain the basics of the transaction ecosystem to clients: competitive strategy, who the players are, the basics of strategic vs. financial buyers, the diligence process, timelines, managing the process, communications, employee issues, and adapting to ever-changing market conditions. Walk through contract fundamentals of obligations, expectations, reps & warranties, indemnities, earn out, rollover and seller notes.
Bruce D. Werner, Kona Advisors LLC, Chicago
Part 5 -- Deconstructing Conflict: Understanding Family Business, Shared Wealth, and Power
Poorly managed family conflict is the biggest threat to family business; it impacts both the business performance and important family relationships. Learning how to manage this unique type of conflict is the most critical success factor for families that share business or other assets. Trusted advisors can learn how to help their client families de-escalate and resolve situations, preserve family harmony and, in doing so, strengthen their own professional relationship with the family. Understanding how to work with family business power structures and the conflicts inherent in the overlapping systems of shared family enterprise will enhance your ability to help your clients achieve their goals—and protect and enrich lasting family relationships. Learn to understand your client’s passive conflict (getting stuck) and active conflict (fighting) so you can better advise your client families. You will leave better able to create lasting agreements for your clients as they work to manage the inherent conflict in family enterprise. Presenter Blair Trippe is co-author of the book Deconstructing Conflict: Understanding Family Business, Shared Wealth, and Power (https://amzn.to/3kZz0zz ) and will be joined by Robin Letchinger, JD, a trusted advisor to large, multi-generational family enterprises. Learn more about Continuity Family Business Consulting at http://www.continuityFBC.com.
Doug Baumoel, Founding Partner, Continuity Family Business Consulting, Boston, MA
Blair Trippe, Managing Partner, Continuity Family Business Consulting, Boston, MA
Part 6 – Planning for the Transaction: Advising Clients on What to Expect During the Succession and/or Sale Process With Respect to Their Business
Learn what to expect during the transition process; we will address things people do not realize when going through succession planning or a sale and some of the things that typically go wrong. Get tips for advising clients so they can get ahead of the issues and have a smoother transition experience.
Bruce D. Werner, Kona Advisors LLC, Chicago
Brandon R. Kaster, Levenfeld Pearlstein, LLC, Chicago
