Category Archives: Business Succession Planning

Welcome the New Year With Our Updated Tax Reform Review

On December 22, 2017, President Trump signed into law the most important rewrite of the US tax code in decades. The federal law, which is entitled “An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution of the budget for the fiscal year 2018” (the Act), has no other name, as its short title, the Tax Cuts and Jobs Act, was stricken from the bill shortly before being signed.

We have prepared a summary of the Act as a non-exhaustive discussion of key changes to the tax code. We will continue to analyze the Act and will post updates and recommend planning strategies on this blog.

For more information regarding the Act, please see our previous related blog posts linked below:

On behalf of everyone at Williams Parker, we hope you and your family have a healthy and happy 2018.

Please note this post was co-authored by Elizabeth Diaz, Colton Castro, and Nicholas Gard. 

Elizabeth P. Diaz
ediaz@williamsparker.com
941-329-6631

Colton F. Castro
ccastro@williamsparker.com
(941) 329-6608

Nicholas A. Gard
ngard@williamsparker.com
(941) 552-2563

What Is Business Succession, Anyway?

Recently, shareholder John Wagner sat down with the Sarasota Herald-Tribune to discuss business succession planning. In the following brief video, John addresses why and when business owners should consider succession planning and provides tips for getting started.

Related Resources:

SEMINAR: Succession Planning II – “How Did Your Plan Really Work?”

ACG logo

Williams Parker is pleased to serve as the Annual Sponsor of the Association for Corporate Growth’s Sarasota programming. On February 2, ACG is hosting “Succession Planning II – How Did Your Plan Really Work?” at the Sarasota Yacht Club.

The panel, moderated by Williams Parker attorney Robert W. Benjamin, features Taylor T. Collins and James B. Tollerton of PBI, as well as founder and CEO of Miles Partnership, Roger Miles.

In October, ACG presented a panel on how and when to successfully exit your business. At the upcoming seminar, the panel of business owners who have successfully implemented a succession plan will discuss the following:

  • What went right?
  • Were there any unexpected events or consequences and how did you deal with them?
  • What advice would you give a business owner planning for ownership succession?
  • What were the challenges of the transition from the perspective of the successor to the business?

Thursday, February 2, 2017
5:30 to 8:00 p.m.
(Cocktails/appetizers 5:30 – 6:30; Panel to begin at 6:30)
Sarasota Yacht Club
1100 John Ringling Blvd. Sarasota, FL  34236

Please contact us if you are interested in attending.

Announcing Requisite VI: The Business Succession Edition

We are pleased to announce the publication of the sixth issue of our firm magazine, Requisite.  This issue focusses on succession planning for family businesses of all sizes. We feature an interview with Ken Feld, the CEO of Feld Entertainment (which owns Ringling Bros. and Barnum & Bailey Circus and Disney on Ice). He is the second generation of his family to run the business and is transitioning its control to the third generation. You will also find articles covering some of the emotional and technical challenges to creating a great succession plan. And we consider an underappreciated connection between Henry David Thoreau and his family’s business.

You can peruse an electronic version of this issue here, subscribe to the magazine here, or request a hard copy by emailing your name and address to MarketingDesk@williamsparker.com.

Ric Gregoria
rgregoria@williamsparker.com
(941) 536-2031

How Can You Succeed in Your Business Succession Plan?

As the baby-boomer generation ages, an increasing number of family businesses will be experiencing transitions in ownership and/or management.  Not all of these transitions will be successful; popular studies indicate that only 30% of family businesses survive beyond the first generation.  In some cases, a transition may be undermined by a disconnect between the owner’s estate plan and the business’ succession plan.  A transition can be both successful and profitable, however, with patience, persistence, and proper planning.

John Wagner and Doug Elmore recently discussed techniques that can help align a business succession plan with an estate plan at a joint meeting of the Gulf Coast Chapter of the of Florida Institute of CPAs and the Suncoast Chapter of the Financial Planners Association.  Here is a link to their presentation materials:
Striking a Balance: Aligning the Business Succession Plan With the Estate Plan

E. John Wagner, II
jwagner@williamsparker.com
941-536-2037

Douglas J. Elmore
delmore@williamsparker.com
941-329-6637