ESTATE AND EXIT PLANNING FOR THE BUSINESS OWNER - KEEPING IT IN THE FAMILY
Exiting a business and transitioning owners of a family business can be a challenging process. In some situations there may be family members and in-laws involved in the day to day business. Other times there is little to no involvement by the family member before the business transition is planned. A business sale is not always to an outside party, but rather an intergenerational transfer. Navigating the challenge of this business and emotional decision can be difficult, but there are ways to be prepared ahead of time.
Learning Objectives:
- Understand how to navigate initial conversations with family members about your business exit plan and their level of involvement in the transitions.
- Learn options for navigating the conversations with your family members who you wish to transition the company.
About the Presenter:
Hear from industry experts, Lauren Mechaly, Attorney, Schenck Price Smith & King, LLP, Jeff Rembisz, Financial Representative, Northwestern Mutual, and Maria Rollins, CPA, KRS, CPAs.
Thank you to our Sponsors
Event Details
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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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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Insurance Professionals
Exit planning addresses the 5 D's. So do you. Approach the risk conversation differently with exit planning.
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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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Business Consultants
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Other Business Professionals
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Business Owners
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Business Owners & Their Trusted Advisors
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 PRESENTER
Meet Lauren Mechaly:
Lauren I. Mechaly focuses her practice on elder law, special needs planning, estate planning and estate administration.
As an elder law practitioner, she assists seniors with a variety of legal issues, including estate planning and long-term care planning. This also includes establishing and maintaining eligibility for means-tested government benefits, assisting in nursing home admissions and obtaining homecare services for the elderly.
As a special needs practitioner, Lauren assists individuals with special needs and their families in promoting the best quality of life for disabled individuals. She assists in establishing and maintaining eligibility for government benefits, and in obtaining community support and services for individuals with disabilities. She also assists financial institutions and corporate fiduciaries with judicial and administrative accountings, and offers counseling in the administration of special needs trusts.
As an estate planner, Lauren deals with issues pertaining to estate and tax planning and asset preservation. She assists clients with the tax efficient transfer of assets during life and after death, crafting customized estate plans to meet the individual needs of her clients. This includes the preparation of estate planning documents such as Wills, Trusts and Advance Directives.
Lauren has authored and/or co-authored articles relating to various matters in her practice areas.
Prior to joining Schenck Price, Lauren was an associate in the Private Clients, Trusts & Estates group of a large firm in New York City.
Meet Maria Rollins:
Maria T. Rollins, CPA, MST, is the firm’s Managing Partner responsible for guiding the growth and governance of the firm. Maria also manages the KRS CPAs client accounting services and assurance and advisory practices and leads the handling of regulatory and compliance matters arising from state, federal, and industry oversight.
Throughout her 30+ years of public accounting firm experience, she has worked primarily with multi-generational family-owned, woman-owned, and closely-held businesses and their owners. She understands the issues these businesses face. She provides tax and financial advice to help them maximize wealth, lower costs, and develop tax planning strategies. Maria also advises on developing back-office procedures and financial reporting systems that deliver real-time results and increased profitability.
Maria graduated from William Paterson University with a Bachelor of Arts in Accounting and received her Masters of Science in Taxation from Fairleigh Dickinson University. She has membership in the AICPA and NY and NJ Societies of Certified Public Accountants. In addition, she is a member of the NJSCPA State Tax, IRS Cooperation, and Estate Tax Committees. Maria has served on the Board of Directors for various business organizations.
Contact Maria at mrollins@krscpas.com.
Meet Jeff Rembisz:
I'm committed to helping you get closer to your dreams. When you partner with me, you can expect a judgment-free, pressure-free environment with conversations that will be jargon-free. I strive to provide you the best experience possible.
Years of Experience
Representing Northwestern Mutual since 1991.
Education
James Madison U, Accounting & Finance (Bachelors of Business Admin.)
