Mature Business Strategies

Estate Planning

A 'ProPel' Workshop for the Mature Business

 

SCORE has partnered with MassMutual to equip mature business owners with guidance on how to plan for increasing the value of their mature business and eventually how to exit their business.  By taking into consideration succession planning, retirement planning, and estate planning, business owners can begin to develop a strategy to secure their future and the future of their business.  This program focuses on the tactical steps business owners can take now to create a plan for exiting their business smoothly.

The statistics on businesses surviving through multiple generations are staggering. Just making it through the second generation is a milestone event for a business. Making it through the third generation is rare and making it to the fourth generation is almost unheard of. The good news is business owners can buck these trends with proper planning. This 3-part series workshop, developed by MassMutual and SCORE, will help you plan for the next stage for your business, for yourself, and for generations to come.

Part 1: Succession Planning (February 12)

This workshop begins by helping entrepreneurs understand the steps to planning for the eventual transfer of the business. This includes knowing the value of the business, choosing and preparing the appropriate successor, and having it all in writing At the end of this section, clients should be prepared for a variety of business exit strategies both voluntary and involuntary ones.

Part 2: Retirement Planning (March 12)

Once clients have determined the next steps for their business and their business’ worth, they can start focusing on the next steps in their own lives. In this section, we will discuss issues that arising with having your business be your retirement planning, and other options to save and provide for your retirement. 

Part 3: Estate Planning

This workshop will discuss multiple future planning scenarios, including the difference between estate reduction, liquidity and equalization, and the planning documents needed to leave a lasting legacy. While building upon the previous 2 workshops regarding mature business strategies, it is a stand alone workshop that will address topics as shown below. 

• Should You Hire Family Members to Work in Your Startup?
• Taking Over Your Family’s Business? How to Transition Peacefully
• Six Secrets of Family Business Success
• Drafting a Will: Estate Planning for Small Business Owners

Fee: Free  

 

Register Now!Instructor Bio:

Frank DeSantis Recently, a program director for a local business incubator that helped start-up companies, Grow their Business, Develop Business Skills and Create a Sustainable & Scalable Business Model.  A proven General Manager who has combined customer focused, operationally driven, P&L accountability, plus strategic business development experience and customer relationship marketing management to produce company recognized results  for a major Corporatgion in the Retail industry. Leveraging his vast and varied experiences Frank has been a valued SCORE Delaware mentor. 

Bob Jarvis As a business executive and senior manager in consulting, banking and e-commerce companies, Bob has led initiatives that dramatically improved product quality and customer satisfaction while reducing overall costs. As an Air Force Officer, executive  in a national consulting firm, Master Black Belt at JP Morgan Chase, and  VP Quality Assurance at GSI Commerce (eBay Enterprise) Bob's experience  has been shared as a SCORE Delaware mentor. Recently, he founded Quality Enablement LLC, established to help organizations, from senior management to individual contributors, identify and remove barriers to quality and worker productivity. He is the author of the blog, “A Better Workplace …”.  

Bob Gorlitz Bob has 30 years with the Department of Defense and has held various positions within the material management and logistics community.  He directed property accounting for 187 accounts throughout the United States and has 10 years experience in financial/estate planning for individuals and businesses.