ED EXPO News by Lee Resnick
Wednesday, August 23, 10:30 – 11:30 am
In understandable language, club owners will learn about proposed tax law changes that could have a direct impact on their overall wealth, as well as vital strategies in the areas of business succession and wealth preservation.
M
ost club owners understandably spend the vast majority of their time focusing on the growth and success of their clubs. Unfortunately, however, this could also create hidden problems down the road.
By ignoring or not keeping your business succession and estate planning current, all the good that you‘ve done can be wiped away. The purpose of business succession planning is to assure that your business ultimately ends up where you want, which is often family or outside buyers. Estate planning ensures that all of your assets are preserved and ultimately distributed to whom you want and under what conditions you prefer.
This seminar will present tools and strategies to help assure that your club and other assets remain with you and not lost to taxation and other predatory factors.
Planning concepts including buy/sell agreements, valuation, proper due diligence and acquisition of life insurance and more will be discussed. In addition, family dynamic issues will be addressed. What is the best way to transfer a club to the family when not all family members are active? Does fair mean equal?
Statistically, the majority of club owners do not have a productive AND current succession and estate plan. They may have had a very good plan at one time, however, now the plan is not current. Changes to tax law, family situations, and the business can take a once perfectly fine plan and make it obsolete. This often leads to erosion of capital in the form of taxation, family infighting, and eventual loss of your business. And if you’re in business with more than one person, additional problematic situations could be looming on the horizon.
There is good news, however, the financial future of your club and assets is controllable. You have the ability to end up in a tremendous position and keep your club vibrant for years to come.
During the seminar, focus will also be given to the federal estate tax law and how to avoid having these taxes force the sale of your business. A major change is coming to tax law and more club owners will be adversely impacted which further strengthens the need to have the right type of planning in place.
The knowledge gained during this session can make the difference between your club surviving, the difference between your family still getting along, the difference in needless excessive out of pocket costs.
The knowledge gained during this session can make the difference between your club surviving, the difference between your family still getting along, the difference in needless excessive out of pocket costs.
– Lee Resnick
For more than 20 years, my firm, Resnick Succession Group has worked with privately held business owners across the United States in just about every industry in the economy. No industry is immune from challenges and pitfalls. With necessary thought and action, you, your family, and your clubs can be positioned for strength and longevity.
