Business Succession Planning

Financial Education for Business Owners

Upcoming Dates

August 29, 2023: 6 PM–9PM, College of Charleston at WestEdge, 176 Lockwood Drive
September 5, 2023:
1 PM–4PM, Charleston Metro Chamber of Commerce, 4922 O'Hear Ave Ste. 101

Registration Fee: $199

Instructors: Todd Turner and David Moore

For successful and busy business owners, understanding how to enhance the value of your business while addressing your individual financial picture is absolutely critical. Join us and understand your options as you align your personal, financial, and business goals.

Who Should Attend?

This course is designed for successful and busy business owners to refresh their understanding of key business financial concepts.

Course Preview

Value Enhancement Methodology

The process of growing profitability and value by focusing on aligning business, personal and financial goals to maximize what you can harvest from the business what you have built. Value acceleration is a roadmap to what key deliverables and metrics drive enterprise value and how to create strategic action plans to mitigate risk and drive predictable results. Instructors will use real world examples of successful growth and exit planning as well as examples of the implications of poor planning.

Understanding Your Finances

As a business owner you face a unique blend of financial considerations. Some considerations are typical of all individuals thinking about the future and others are unique to you as a business owner. This section focuses on financial objectives, impact of inflation, taxes, income and expense statements, and how your business affects your net worth.

The Purpose of Business Valuations

In many cases a business represents the most significant asset on a business owner’s personal financial statement. Unfortunately, the value of that asset can be difficult to determine. In this course we will examine formal vs informal valuations and compare three of the most common methodologies to value a business.

Business Continuation Agreements

A buy-sell agreement is sometimes referred to as a prenuptial agreement for a business. It is a legally binding agreement prepared by an attorney between the owners of a business that defines what will happen to each person’s ownership interest in the event of a specific life change. The most commonly addressed life changes are death, disability and retirement.

Key Employee Compensation and Benefits

Many different forms of compensation and benefits can be provided to employees. Some are intended to be broad based and will apply to all employees. Other forms are designed for special groups of key employees referred to as highly compensated employees. What is the right combination of benefits for your company.

Exiting Your Business – Understanding Your Options

Before you decide to sell your business, It is important to understand some basic concepts and terms regarding business succession. This section will provide an overview to acquaint you with some of the issues you may encounter as you structure a future sale of your business and help you make better decisions.

Estate Planning

A comprehensive estate plan is more than simply drafting a will. Estate planning minimizes potential taxes and fees, and sets up contingency plans to make sure your wishes are clearly articulated and followed. For business owners, the estate planning process is complicated by the fact that theirbusiness is likely their largest asset. That means estate planning for business owners must address questions about business succession in the face of a crisis.