TAX MITIGATION PLANNING BEFORE THE SALE OF A BUSINESS - PART 1
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This topic will cover how to reduce the impact of taxes on the sale of the business with planning techniques. We will cover the importance of asset allocation and the conflict between the buyer and seller in determining the proper type of transaction. We will also cover the importance of seeking advice prior to signing an LOI and the significant factors that should be considered prior to signing.
Learning Objectives:
- Learn tax strategies to consider prior to the sale a business
- Learn how to deal with opposing interests of both the seller and buyer in tax planning
- Understand tax strategies available before and after obtaining an LOI
Meet the Presenters
Hear from industry experts, Kathleen Adams, CFP, and Life Insurance Strategist, Geoff Weg, Jennifer Kowal, and Laura Stone, CPA, Partner Citrin Cooperman.
Thank you to our Sponsors
Event Details
Virtual Location: Zoom
Who Should Attend?
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Attorneys
You have close relationships with clients, and can benefit from being the first advisor to introduce the idea of exit planning.
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CPAs/Accountants
Owners participating in the State of Owner Readiness research continue to indicate that you are the No. 1 "Most Trusted Advisor." You are a natural fit to lead the exit planning team and deepen your relationship (and retention) of next generation owners.
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Wealth Managers
You’re a skilled relationship person. Being entangled into your clients’ professional lives matters as you build a strategy to manage their wealth upon them harvesting it from their business. Exit planning allows you to build a deeper relationship with your client, expands your COI network, while giving you an early seat at table well before the liquidity event.
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Financial Advisors
One of the critical ‘legs of the stool’ is personal financing planning. An owner must have a strong financial plan & contingency plan post-transition to enable them to thrive in the next act of the lives personally and financially. Exit planning brings this future mindset into the present. Exit is now.
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Valuation Analysts
Valuation is both a billable engagement AND an opportunity to provide owners some perspective on how to accelerate value drivers (and deal with value killers). Use exit planning to make that valuation into a longer term value acceleration engagement.
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Investment Bankers
Only 2 of every 10 businesses that come to market actually sell. Learn how exit planning can bring attractive AND ready business to your purview.
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Estate Planners
Exit planning is a natural fit for estate planners who want to operate more holistically with their owner clients.
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Strategic Consultants
One of the most critical roles in exit planning is building transferable value. Strategic consultants have the ability to expand options and drive rapid business value that affect performance today.
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Insurance Professionals
Exit planning addresses the 5 D's. So do you. Approach the risk conversation differently with exit planning.
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Mergers & Acquisition Advisors
Proper exit planning causes less deals to fall through at the last minute. Connect with CEPAs to build your healthy deal flow network.
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Commercial Lenders
One of the best relationships a business owner makes is with their banker. How can you help your corporate clients think about the future and ensure financial continuity? Answer: exit planning.
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Family Business Advisors
More than 50% of lower middle market business owners would prefer to transition to the next generation. Help them succeed with exit planning strategies.
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Other Professional Advisors
Regardless of your unique specialty, there is seat at the exit planning table for you. Learn more at www.EarnCEPA.com.
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Private Business Owners
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Members of Family Business Boards
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Professional Advisors
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Other Business Professionals
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Business Consultants
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Business Owners & Their Trusted Advisors
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Business Owners
EXIT PLANNING IS GOOD BUSINESS STRATEGY
The Exit Planning Institute, provides Financial Advisors, Accountants, Consultants, and other advisors of business owners with the critical education to differentiate themselves and add value to their existing client relationships through a credential, conference, courses, and content. Download the CEPA brochure for more information.
ABOUT THE PRESENTERS
Meet Laura Stone:
Laura Stone brings over 20 years of experience to Citrin Cooperman. Laura specializes in real estate, trust and estate, and international tax reporting. Laura services both tax and audit clients, advising them with both her strategic and transactional knowledge.
Laura works with a wide range of clients, from small start-ups to large enterprises and high net worth individuals. She helps clients develop strategies to mitigate tax, as well as educating them about tax laws and accounting guidelines. Additionally, Laura is passionate about helping her clients transfer their wealth to their loved ones in the most tax efficient way. Laura is actively involved in Citrin Cooperman’s Real Estate Committee, Trust & Estate Committee, and in the firm-wide the CC Edge program, which is dedicated to continuing and enhancing the firm's tradition of diversity and inclusion.
Meet Kathleen Adams:
Kathleen Adams is a fee-based financial planner and insurance planner with the Fraser Financial Group, the Mass Mutual agency in Beverly Hills. Kathleen is the author of The Complete Estate Planning Guide, a Penguin paperback designed for the layman that has sold nearly 2 million copies. Its focus is on ways to strategically build, then transfer an estate, including business succession planning and charitable giving.
Kathleen works with business owners and families to help them define business succession, retirement and estate planning goals and the meaningful lifestyle and family dynamic issues that make financial planning relevant to the lives clients want to live.
To help implement their plans, she does simple to very sophisticated annuity, life, disability and long-term care insurance planning to create appropriate safety nets and leverage for business buyouts, key person retention and estate transfer goals.
Kathleen works with clients’ advisory teams of financial, tax and legal advisors to make sure all planning is coordinated and enhanced by the insight and expertise of each. The focus is on first creating context and defining the outcomes clients want to achieve, then on implementing the most relevant strategies to see that those outcomes are reached.
Meet Geoff Weg:
Geoff is the Principal and Founding Attorney at The Weg Law Group and specializes in tax
law, business planning, and estate planning for clients throughout Southern California.
Geoff earned his Juris Doctor at the University of Southern California Gould School of Law,
where he served on the Southern California Law Review, and received a Master of Laws in
Taxation at Loyola Law School (in Los Angeles, CA), graduating with distinction. He is an
adjunct professor of tax law at Loyola Law School.
Meet Jennifer Kowal:
Jennifer Kowal is a Vice President and Banker at J.P. Morgan Private Bank. She works closely with wealthy individuals and families across Pasadena and the Greater Los Angeles area who seek an experienced advisor to guide them through the sophisticated financial decisions that help make the most of their opportunities at hand.
Jenny’s substantial background in tax law and executive compensation is highly differentiating, and is the lens through which she carefully evaluates each client’s scenario across the many elements of wealth. She gets to know each family and their most meaningful goals, leveraging the intellectual strength and vast capabilities of J.P. Morgan to craft strategies in a team-based and creative manner toward these important objectives. As a tax law professor for the past 20 years, Jenny has a talentfor explaining complex topics in easily understood terms. She blends her strong technical skills with a persistent and deeply caring style to foster one-on-one relationships with clients and colleagues.
Throughout a 25-year career, Jenny spent two decades as the Director of the Graduate Tax Program at LMU Loyola Law School. Previously, she was a lecturer and the Deputy Director of the International Tax Program at Harvard Law School. Jenny also practiced law with the firms of Irell& Manella in Los Angeles and Ropes & Gray in Boston, advising clients on the taxation of various business transactions, including cross-border, partnership and corporate structures. She joined J.P. Morgan for the opportunity to be part of a vibrant, collaborative culture that operates among the top of its profession.
Jenny holds a B.S. with distinction from the University of Kansas and a J.D. from UCLA School of Law, where she was a member of the Order of the Coif.
A longtime resident of South Pasadena, Jenny is proud to have raised her three children amid the welcoming environment of the area. She is a Girl Scout Leader who also likes to run, spend time with her friends and family, and read contemporary literary fiction.
