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Business exit & Succession Planning: A Valuable Service to Add to Your CPA Practice

Business exit & Succession Planning: A Valuable Service to Add to Your CPA Practice. Business Exit and Succession Planning Committee Sept 2013. Succession vs. Estate vs. Exit Planning. Business Exit & Succession Planning Committee. SEPT 2013. Succession vs . Estate vs . Exit (Cont’d).

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Business exit & Succession Planning: A Valuable Service to Add to Your CPA Practice

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  1. Business exit & Succession Planning:A Valuable Service to Add to Your CPA Practice Business Exit and Succession Planning Committee Sept 2013

  2. Succession vs. Estate vs. Exit Planning Business Exit & Succession Planning Committee SEPT 2013

  3. Succession vs. Estate vs. Exit (Cont’d) • This usually involves the transition of both ownership and management responsibilities and should usually be done before estate and succession planning. Business Exit & Succession Planning Committee SEPT 2013

  4. Why Succession Planning? • Family businesses comprise 80-90% of all business enterprises in the U.S. • 40% of family companies say they will transition leadership in next five years • 88% say same family(ies) will control business in five years • 30% survive into second generation • 12% survive into third generation • 3% operate into fourth generation Business Exit & Succession Planning Committee SEPT 2013

  5. Why succession planning? (Cont’d) Business Exit & Succession Planning Committee SEPT 2013

  6. Why Succession planning? (Cont’D) • Without a plan or process, most entrepreneurs and management teams hope succession will happen-- • hope is not a strategy Business Exit & Succession Planning Committee SEPT 2013

  7. Why Exit planning? Business Exit & Succession Planning Committee SEPT 2013

  8. Why exit planning? (Cont’d) Ingredients of a Successful Exit Plan: Business Exit & Succession Planning Committee SEPT 2013

  9. WHY EXIT planning? (Cont’d) Business Exit & Succession Planning Committee SEPT 2013

  10. Why the cpa’s role is critical CAPABLE OF “OWNING” • Has good feel for leadership style of potential successor; can bridge the generations (and keep the client) • Will be more company versus personality/ family member focused Knows the business and the numbers

  11. Succession Planning process • Seven step documented process to achieve successful transfer from Current Management (CM) to Successor Management (SM): Business Exit & Succession Planning Committee SEPT 2013

  12. EXIT planning process Business Exit & Succession Planning Committee SEPT 2013

  13. NEXT steps? • Business Exit & Succession Planning involves many skillsets and capabilities; some of which just come from experience. The best and easiest thing to do is to join the Business Exit & Succession Planning Committee of the NYSSCPA. The purpose of this Committee is to educate CPA’s on these subjects. • If you are interested, please reach out to the Chairman, Bernie Leone or any committee member listed on the NYSSCPA website. • bleone@withum.com • 212-829-3207 Business Exit & Succession Planning Committee SEPT 2013

  14. NYSSCPA Business Exit & Succession Planning Committee NYSSCPA SEPT 2013

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