Ditchmen • NUCA of Florida Ditchmen • January 2017 - Page 22

Assuring the Successful Continuation of Your Family Business – This July in Captiva Island! Leon and Terrance Resnick, Resnick Associates _ _ _ _ _ _ _ _ _ _ _ _ In understandable language, business owners will learn needed tools and strategies in the areas of business succession and wealth preservation and eventual transition of assets (with special focus on their business). Typically the more successful business owners become, they also become more vulnerable. Accordingly, techniques will be discussed showing how to combat those vulnerabilities and assure that the successful business remains just that – successful! Among the areas of focus will be why successful businesses ultimately fail, the importance of coordinating estate plans with succession plans, addressing active vs. inactive children within a family business (does it make sense to leave the business to all the children?), liquidity issues, valuation methodologies that will satisfy the IRS while lowering the tax bill, the proper type of buy-sell agreements that allow for maximum tax savings and most cost efficiency and insurance funding mistakes that often result in millions of dollars in taxes paid that could have been legally avoided and solutions to avoid this scenario. The seminar wraps up by tying in many of the areas of the seminar discussion into a real life compelling family business case study that is sure to strike a chord with everyone in the audience! 22 DITCHMEN • JANUARY 2017