EY Tax Webcast

Business succession planning: why, when and how

Tax and business planning for entrepreneurial family business owners and investors webcast series

  • Share

Watch On-Demand

Hosted by Ernst & Young LLP Private Client Services (PCS)

One of the biggest challenges facing owners of family businesses is whether, when and how to pass the business to the next generation. Meeting this multi-faceted challenge requires consideration of issues that even the most stalwart of family business owners can find daunting. However, with statistics revealing that over 75% of family businesses do not survive the second generation, the proper hand off to the next generation is crucial to the business’ survival.

In this edition of our webcast series, we’ll explore the key topics that family business owners have to address as part of a comprehensive plan for succession, including:

  • Making the “keep vs. sell” decision
  • Finding the right balance between “retirement” and the need for control (and cash flow)
  • Assuring retention of key management
  • Developing a tax-efficient approach for transferring ownership of the business
  • Addressing family matters such as “equalizing” inheritances and maintaining harmony among children involved in the business and those that are not
  • Providing for estate liquidity in a cost- and tax-efficient manner

Panelists:

Justin Ransome

Partner, National Tax Department, Ernst & Young LLP, Washington, D.C.

Justin Ransome is a partner in Ernst & Young LLP’s National Tax Department where he serves as the National Tax Partner for its Private Client Services practice. Justin advises on transfer tax, individual income tax, fiduciary income tax, charitable giving and family business succession planning. Prior to joining Ernst & Young, Justin served in the Washington National Tax Office of Grant Thornton LLP as the National Tax Partner of its Private Wealth Service practice. Prior to joining Grant Thornton, Justin worked in the Private Client Advisory Service Group of KPMG’s Washington National Tax Practice and, prior to that, he practiced law with the law firm of D’Amico and Curet, A Professional Law Corporation, in Baton Rouge, Louisiana, where his practice centered on business succession planning, estate planning and probate administration.

Justin received a Bachelor of Business Administration from the Else School of Management at Millsaps College (magna cum laude) in 1988, a Juris Doctor from the Louisiana State University Law Center in 1991 and a Master of Business Administration from the Ourso College of Business Administration at Louisiana State University in 1993.

Bobby Stover

Partner, Southwest Area PCS Leader, Ernst & Young LLP, Dallas, TX

Bobby Stover leads Ernst & Young LLP’s Private Client Services Practice for the Southwest U.S. region. He is a member of the executive committee of the EY Americas Family Business Center of Excellence. His primary focus is on advising family businesses, their owners and family members on how to grow and preserve their wealth, while, in turn dealing with the complex issues of business succession, governance, income tax and transfer tax. Bobby also has extensive experience advising families on the set-up and structure of their family office and private foundations.

Bobby has a Bachelors of Business Administration in Accounting from the University of New Mexico Anderson School of Management. Bobby is a Certified Public Accountant in New Mexico and Texas. He is a member of the American Institute of Certified Public Accountants, New Mexico Society of CPAs and the Texas Society of CPAs.

Moderator:

Charlie Ratner

National Director of Personal Insurance Counseling and PCS Learning Leader, Ernst & Young LLP, Cleveland, OH

Charles Ratner is the National Director of Personal Insurance Counseling for Ernst & Young LLP. Since joining the firm in 1989, his practice has been devoted to providing life insurance consulting services to corporations, financial institutions and individuals and estate and business succession planning services to closely-held companies.

Charles is a graduate of the University of Massachusetts and Emory University School of Law. He is a Chartered Financial Consultant (ChFC) and a Chartered Life Underwriter (CLU). Charles has received the National Association of Estate Planners & Councils’ Accredited Estate Planner® (Distinguished) award and designation.