September 23, 2022

Jon Schindel Presented a Family Business Succession CLE on Sept. 21, 2022

On September 21, 2022 attorney Jon Schindel gave a presentation to his peers entitled: Family Business Succession: Exploring Benefits, Challenges and Strategies. Jon presented on the subject in early 2022 and was asked to present again to a different group of attorneys.

The presentation focused on the details of a transaction where the older generation of business owners seek to transition their ownership to the next generation. The content covered a range of topics including:

  • Understanding the goals of each generation;
  • Creation of a high-level plan and explaining it to owners in non-legalese;
  • Mitigation risk for the older generation when there is internal financing for the transaction;
  • Concepts for early payoff by the younger generation based on the company’s financial performance;
  • Gifting options and process for ownership interests;
  • Strategies to protect the older generation to still have a say in fundamental decisions while the younger generation continues to make payments for their purchase of ownership;
  • Updating buy-sell provision to fit the new ownership model; and
  • The importance of maintaining accurate records of ownership through the transition process.

The presentation was attended by approximately 40 attorneys who participated via Zoom.