June 27, 2014. A group of planning experts is offering a free informational session to business owners on July 17 at 7:45-10 a.m. at Dakota Dunes Country Club to explain the business succession planning process. The panel discussion will summarize the transition planning process and focus in on key areas of concern many family-business and closely-held business owners have regarding this process.
Topics will include knowing if you are financially ready to exit your business, how to prepare your business for transition, preparing the next generation, buy-sell agreements and valuation, and others.
The panel includes Dan DeMarest from Security National Bank Wealth Management, Timm Funk from Timm Funk Associates, Matt Heemstra from Cain Ellsworth and Associates, Dan Kippley from South Dakota Manufacturing and Technology Solutions, and Jeana Goosmann from Goosmann Trust Law Counsel.
Nearly 65% of all small businesses in the United States will attempt to transition to the next generation of ownership in the next 5 years, but the reality is that 60% of all business transitions fail. It is said that only half of the US businesses have a succession plan in place today, and less than 10% have an actual formal, written plan. And fact of the matter is most businesses fail because they do not have a plan. In addition, the longer business owners wait to put a transition plan in place, the more they risk. This risk includes reduced planning options, exposure to more taxes, less control over the transfer, and possibly the value of the business being diminished.
For more information on the Panel Discussion view the invitation HERE.
Owners from closely-held or a family business are invited to attend, but they must RSVP by Friday, July 11 by contacting Jackie at South Dakota Manufacturing and Technology Solutions at (605) 367-5757 or Jackie.Runge@usd.edu. Seating is limited.