• Podcasts

April 23, 2014

Topic: Business Leadership

Succession Planning for Closely-Held Businesses

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Selling your business or transitioning it to your family or employees is a complex process with serious financial consequences for all involved. To compound matters, most entrepreneurs are so busy running and growing their businesses they don’t take the time to plan for their inevitable exit from the business. Whether you will be transferring your business within the next year or many years from now, advance planning can help to ensure the transition will best meet your needs and objectives and those of your family and business. That’s why First Business has lined up our next seminar.

Our April 23 speakers are Joe Boucher and David Gorwitz, shareholders at the Madison business law firm, Neider & Boucher, S.C. Joe and Dave will provide an overview of the legal and planning issues relating to business succession planning and the sale or transfer of a closely-held business, including: 

  • planning for a sale or transfer to family members
  • planning for a sale to employees or business partners vs. sale to a third party
  • planning in the special case of the death or incapacity of the business owner
  • valuation questions and terms of sale
  • tax implications of various alternatives
  • unique issues relating to the type of entity, nature of the business, size of the business

Joe Boucher, a founder of Neider & Boucher, grew up working in his family’s bakery business in Northeast Wisconsin. In addition to his law degree, Joe holds an MBA in finance and is a CPA. He has worked for years on business entity legislation for LLC’s and other entities. Joe uses his combination of legal and business expertise to work extensively with closely held businesses.

Dave Gorwitz brings more than 25 years of practical business and management experience to his law practice and, like Joe, holds an MBA. Prior to earning his law degree, Dave worked as a management consultant and, in addition to working for his family’s businesses, started, built and sold several businesses of his own. He now represents a wide range of clients in business transactions, strategic planning, entity formation, succession planning, estate planning, business acquisitions and sales, and real estate transactions. 

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