ABA Real Property and Trust & Estate Law
Avi Z. Kestenbaum Presents Family Business Succession Essentials
Join Avi Z. Kestenbaum as he discusses family succession. As most estate and financial planning professionals are painfully aware, most family businesses don’t survive the generations and as the studies indicate, this failure has little to do with the tax planning. For those business owners, who are emotionally torn between ensuring that their businesses continue for as long as possible and pacifying their descendants, family business succession planning is incredibly complicated, if not impossible.
While cash, brokerage accounts and often times real estate, can be divided among the descendants and often times maintained with proper trust and management provisions, operating businesses cannot be so easily divided nor continue successfully due to the inherent complexity of their management and operations, as well as fiduciary duties of trustees. Estate planners should become better well versed in the psychology of family dynamics, especially when it involves operating businesses, case studies and books on the reasons that few businesses survive and flourish for several generations, and modern business planning structures to ensure that their clients’ businesses have a better chance of longevity and success through the generations.
This candid presentation will focus on critical issues and factors in family business succession planning, a realistic view on current thinking and planning, and potential innovative and new age business models and structures.
When: Thursday, June 12, 2014 (1 PM ET; 12 PM CT; 11 AM MT; 10 AM PT)
Where: Dial In #: 866/646-6488, Pass Code: 5380 7002 591
For more information please visit the American Bar Association Section of Real Property Trust & Estate Law.