Join us virtually via Zoom on Tuesday, September 22 at 6:00pm for our free fall continuing legal education seminar, hosted by our program partner, Knox Law, entitled Business Succession: The Family Private Equity Model. Registration is required.
Once, it was assumed a child would take over the family business from his or her parent. Now, however, it is not nearly as common to see a business run by a second- or third-generation family owner. If the children of family business owners lack the desire or the skills to be as successful as their parents or grandparents, there is a succession model that may be worth considering.
The Family Private Equity Model is an approach that can enable a family to retain ownership of their company while hiring a chief executive officer or president and professional management to take over running day-to-day operations. This model has many benefits: families retain ownership; the owner can step back from the day-to-day operations; the owner continues his or her commitment to the community and employees; and the new president can bring new energy, skills and opportunities for success.
Attorney Thomas C. Hoffman, II will discuss the model, including the legal and tax planning tools necessary to enhance and protect any succession plan.
Tom Hoffman is a tax attorney with the Knox Law firm in Erie, PA. He licensed in PA, NY, OH and Alaska. He started his career as a CPA at Ernst & Young, and continues to use that experience to serve businesses, many of which are family-owned, and individuals with estate planning & administration, business & tax, and business succession matters.