Separation of shop talk and supper
Developing a succession plan for a family business was the main topic of discussion among a panel of expert legal, accounting and financial advisors at the Family Business Forum on May 4, 2014, at the Skirvin Hilton Hotel in Oklahoma City. Included on the panel were McAfee & Taft tax attorney Spencer Haines; Todd Pefferman, a CPA and partner with BKD; and Bryan Hanning with AGH Wealth Management.
“The sooner you start, the better,” said Haines. “The first part is to talk about what you want to accomplish and what is the time frame.”
The Forum included discussions on topics such as preparing the next generation for management and ownership, determining a timeline for ownership transfer, the importance of ongoing communications among family members, reviewing alternative exit strategies that don’t include transferring ownership to other family members, and the tax consequences of selling a business.
“It is important for folks to understand that if they sell their business for $20 million, they are not going to walk away with $20 million.”