Succession Planning for Family Businesses

calendar icon December 8, 2020

One of the primary concerns for families of closely held businesses is how to affect an orderly and affordable succession of the business while providing for the future needs and retirements of the owners. As discussed during last session, some business succession plans incorporate exit strategies which involve transfers of the business to third parties. Proper planning will allow for a smoother sale transaction, while minimizing taxes and maximizing the value received for the business.

Learning Objectives:

  • Discussion of why sales to third parties
  • Best practices for preparing a business for sale/transfer
  • Discussion of the many factors to consider when choosing how to structure the transaction
  • Discussion of tax consequences to seller based on the type of sale (asset sale versus stock sale)
  • Other considerations and strategies to gain best income tax and economic results


  • Michael B. Vidal, CPA, JD, Partner, Tax Services | Cherry Bekaert LLP
  • Gregory Marx, CPA, Senior Tax Manager | Cherry Bekaert LLP

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