Creative Tax and Business Planning for the Closely Held Business

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  • Creative Tax and Business Planning for the Closely Held Business

This seminar will address the many distinctive and complicated issues that arise in operating a so-called "closely held business" - a business controlled by a single individual or a small group of individuals, sometimes a "family corporation" but often a small group not related to each other except as business partners.

The closely held business is inevitably operated through a relatively complicated social and inter-personal dynamic – the business creates wealth but can also create significant dissension. The owners must have clear strategies on how to run the business, grow the business, and ultimately transition the business -- sometimes to younger relatives or employees, but often to unrelated parties.

This program will provide clear, cogent strategies for managing these challenges, including:

  • How to set up a business organization between and among unrelated individuals, and how this might differ if the founders are related to each other.
  • How to bring family members into the business, and manage successfully everything from resentment of nepotism to sibling rivalry.
  • How to negotiate the buyout of a departing founder, both when the owners are related and when they are unrelated, including Dutch auctions, secret bidding auctions, competitive bidding auctions, and other issues.
  • How to decide whether and when to sell a business when the owners are not related.
  • How to transition ownership and control of a family business from the parents to the younger generations.
  • Clever uses of redemptions and stock options in family-owned S corporations, and transitioning "tax free" from an S corporation to an LLC.
  • Estate planning for families with one business and multiple children who have different levels of interest and participation in the family business.
  • Sophisticated family transition techniques, including GRATs, CLATs, and installments sales to defective grantor trusts.

This program will be extremely valuable to people who own and manage closely held businesses, and to their business advisors.

Douglas Farrington, Partner, Marcum LLP
Jere Doyle, Estate Planning Strategist, BNY Mellon Wealth Management and Senior VP, BNY Mellon
Daniel Ronan, Senior Director, BNY Mellon Wealth Management
Joseph B. Darby III, Partner, Sullivan & Worcester
Richard H. Goldman, Senior Counsel, Sullivan & Worcester

Time and Location


    November 1, 2016


    7:30 AM - 9:45 AM


    Eagle Investment Systems, LLC
    Wellesley Office Park
    45 William Street
    Wellesley, MA 02481