BSP Snapshot
Leonard James, Succession Attorney
Licensed in Minnesota
Comprehensive Business Succession Planning Education
16 Essential Lessons on Protecting Your Legacy and Maximizing Value
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100% Free Training
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In-Depth Professional Content
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Immediate Access
Complete 16-Lesson Training Series
A comprehensive educational resource covering business valuation, tax strategies, legal structures, family dynamics, and transition planning for business succession.
3:04
Lesson 1
Why Every Business Needs a Succession Plan
Understanding the stark reality that most businesses fail to survive ownership transitions, this lesson explores the critical importance of succession planning and the devastating consequences of failing to plan ahead.
2:54
Lesson 2
When to Start Planning (Spoiler: It's Earlier Than You Think)
Debunking the myth that succession planning is only for older owners, this lesson explains why successful transitions require 5-10 years of preparation and how to begin the process at any stage of business ownership.
3:59
Lesson 3
Know Your Options: The Five Main Exit Strategies
A comprehensive overview of sale to family members, employee stock ownership plans (ESOPs), management buyouts, third-party sales, and liquidation, including the pros and cons of each approach.
4:35
Lesson 4
Valuing Your Business: What It's Really Worth
Demystifying business valuation methods, from asset-based approaches to income multiples, and explaining how different exit strategies can dramatically affect your business's value.
4:58
Lesson 5
Family Succession: Keeping It in the Family
Navigating the complex emotional and financial dynamics of transferring ownership to children or other family members, including fairness issues, competency concerns, and tax implications.
5:03
Lesson 6
Employee Stock Ownership Plans: Selling to Your Team
A detailed examination of ESOPs as an exit strategy, including structure, financing, tax advantages, and how to determine if your business is a good candidate.
6:01
Lesson 7
Management Buyouts: Grooming Your Successors
How to identify and develop key employees as potential buyers, structure management buyouts, and ensure continuity of operations during the transition.
6:32
Lesson 8
Third-Party Sales: Maximizing Your Payday
Understanding the sale process to outside buyers, from preparing your business for sale to negotiating terms and managing due diligence.
6:00
Lesson 9
Tax Planning: Keeping Uncle Sam's Share to a Minimum
Essential tax strategies for business succession, including gift and estate tax planning, installment sales, charitable remainder trusts, and other wealth preservation techniques.
6:50
Lesson 10
Legal Structures and Documentation
Overview of the legal agreements and structures necessary for succession planning, including buy-sell agreements, employment contracts, and governance documents.
6:46
Lesson 11
Building Your Advisory Team
How to assemble and work with succession planning professionals, including attorneys, accountants, financial advisors, and business brokers.
6:22
Lesson 12
Preparing Your Business for Transition
Practical steps to make your business more attractive to successors, including operational improvements, financial cleanup, and reducing owner dependency.
6:45
Lesson 13
Managing the Emotional Side of Letting Go
Addressing the psychological challenges of succession planning, from identity issues to family dynamics, and strategies for a smooth emotional transition.
6:48
Lesson 14
Implementation and Timeline: Your Succession Roadmap
Creating a realistic timeline and action plan for your succession, with key milestones and decision points along the way.
7:38
Lesson 15
Common Pitfalls and How to Avoid Them
Illustrative examplese of succession plans gone wrong and the lessons to be learned, helping readers avoid the most common and costly mistakes.
8:38
Lesson 16
Post-Succession Life: What Comes Next
Preparing for life after business ownership, including financial planning, new roles and responsibilities, and maintaining relationships with the business and its new owners.
Appendix A
Succession Planning Checklists and Worksheets
Practical tools and templates to help readers organize their succession planning process.
Appendix B
Resources and Professional Organizations
Directory of useful resources, professional associations, and additional reading materials for business succession planning.
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Access all 16 lessons and begin your succession planning journey today.
Important Educational Notice
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This training series provides general educational information about business succession planning concepts, strategies, and considerations. The content does not constitute legal, tax, or financial advice specific to your situation. Every business and succession scenario is unique and requires personalized guidance from qualified professionals.