Yum! Center For Global Franchise Excellence At The University Of Kentucky
7 episodes
9 months ago
Podcast Show Notes:
Introduction:
Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights.
Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners.
Estate Planning for Late-Stage Business Owners:
Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business.
Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution.
Charitable Planning:
Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations.
Transition Planning:
Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership.
Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations.
Sophisticated Wealth Transfer Strategies:
Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession.
Legacy Planning:
Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations.
Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy.
Conclusion:
Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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Podcast Show Notes:
Introduction:
Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights.
Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners.
Estate Planning for Late-Stage Business Owners:
Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business.
Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution.
Charitable Planning:
Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations.
Transition Planning:
Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership.
Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations.
Sophisticated Wealth Transfer Strategies:
Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession.
Legacy Planning:
Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations.
Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy.
Conclusion:
Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
Podcast Show Notes
Introduction:
Kathy and Becca discuss essential planning considerations for mid-stage business owners.
Recap of the early stage planning, emphasizing the need for a basic estate plan.
Key Points:
Estate Planning for Mid-Stage Business Owners:
Mid-stage business owners need a comprehensive estate plan, including a will, revocable trust, powers of attorney for health care and property, and an advanced directive.
Emphasizes the importance of revisiting an existing estate plan to accommodate changes in family dynamics, business growth, and assets.
Reviewing Liquidity Buckets and Financial Goals:
Encourages mid-stage business owners to review liquidity reserves and assess financial goals.
Discusses the significance of maintaining an emergency fund and considering education funds for children and grandchildren.
Wealth Transfer Strategies:
Advises considering wealth transfer strategies, especially due to the impending reduction in the exemption amount in 2026.
Highlights gifting business interests to children as a viable strategy, emphasizing the importance of responsible wealth transfer.
Retirement Planning:
Recommends evaluating and possibly enhancing retirement plans for mid-stage business owners, considering the potential longevity and health.
Discusses options for robust retirement plans beyond IRAs to secure a comfortable retirement.
Business Transition Planning:
Explains business transition planning and the various ways to transition a business, including gifting, selling, or a combination of both.
Emphasizes the importance of ensuring a smooth transition, adequate compensation for employees, and evaluating key employees' roles.
Preparedness for Unexpected Events:
Advocates for being prepared for unexpected events, emphasizing the importance of ensuring the business remains sustainable in the absence of the owner.
Conclusion:
Reiterates the significance of strategic planning and preparation for mid-stage business owners to secure their business and financial future.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
Small Bites Of Talking Wealth Planning
Podcast Show Notes:
Introduction:
Kathy and Becca delve into essential planning considerations for late-stage business owners in this episode of Small Bites of Business Insights.
Highlighting the importance of estate planning, charitable planning, transition planning, and legacy planning for late-stage business owners.
Estate Planning for Late-Stage Business Owners:
Emphasizes the need for a comprehensive estate plan, focusing on treating children fairly or equally when the largest asset is the business.
Discusses strategies like bifurcating real estate from the business or restructuring stock classes to ensure equitable distribution.
Charitable Planning:
Explores tax advantages in charitable planning, showcasing how a charitable beneficiary for assets like an IRA can minimize tax implications and benefit charitable organizations.
Transition Planning:
Stresses the significance of transition planning, whether it's a sale, passing on the business, or changing ownership.
Advocates for careful planning to ensure the smooth transition of the business and its assets, addressing concerns of employees and future generations.
Sophisticated Wealth Transfer Strategies:
Explains complex wealth transfer strategies, highlighting valuation discounts and minority interest transfers to optimize the use of exemption amounts and facilitate business succession.
Legacy Planning:
Encourages the creation of a family constitution and storytelling about the wealth's origin, values, and intended use for future generations.
Suggests co-investing, forming charitable foundations, or engaging in meaningful family discussions to maintain family unity and shared responsibility for the wealth legacy.
Conclusion:
Reiterates the importance of careful planning and strategic considerations for late-stage business owners to ensure a smooth transition and a lasting family legacy.
Hosts:
Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence
www.business.louisville.edu/yumcgfe
Rebecca McDade, JD - Attorney
https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
