Succession Planning and Selling Family and Closely Held Businesses

This program addresses the questions and analysis used to motivate the client/owner’s journey through the process of transferring their enterprise. The emphasis is on a nuts-and-bolts explanation of alternative strategies which have proven effective in transitioning ownership to employees, or family members, or third-party buyers. The presentation provides a guide for speaking with clients, their families, and key employees.

Learning Objectives:

• Which issues should be addressed in determining a successful exit from a business
• Practical approaches for transferring the business to family and key employees
• How to handle management transfer
• Strategies for selling a business if the other options are not viable
• An understanding of basic valuation approaches

James S. Aussem, JD, AEP (Distinguished) is a shareholder in the Cleveland law firm of Cavitch Familo & Durkin, Co., LPA, a former member of its board of directors and former Chair of the Business Practice Group. Jim’s practice is focused on succession planning, mergers and acquisitions, as well as estates and trusts. Jim is a frequent speaker, facilitator, and instructor for many professional organizations on topics such as business succession, buying and selling businesses, estate planning, insurance, trusts and estates. Jim is designated an Accredited Estate Planner with Distinction; AEP® Distinguished by the National Association of Estate Planners & Councils (NAEPC) which inducted him into its Hall of Fame November 17, 2022. Baldwin Wallace University in 2004 presented him with its Distinguished Alumni Award, The Cleveland Chapter of the Society of FSP named him its Financial Service Professional of the Year in 2013 and the Society of FSP for which Jim served as the national president in 2017-2018 presented him with its Kenneth Black Leadership Award for 2019. Mr. Aussem is AV® Preeminent Rated – by Martindale-Hubbell the leading rating organizations for practicing attorneys and has been elected by his peers every year since 2009 as one of the “Best Lawyers in America for Business” in both Corporate Law and Trusts and Estates.

***This is a replay of the June 2023 NAEPC Webinar **