LIASB Main Event - October 2017

How to Exit as a Winner -Business Succession Planning

You've built a business, but how do you protect it? Who will take over when you retire? Who will keep it going if you become disabled or die? These are just some of the issues that will be addressed by LIASB's Succession Planning panel.

This was a powerful and insightful discussion into many areas we as business owners tend to overlook or put on the back burner to the detriment of our families and the business.

Our Panelist:

Lara M. Sass, Esq.
Attorney and Founder of Lara M. Sass, PLLC

Scott J. Kohen, CLTC
Partner at the Laffie Financial Group

Tony Borelli, MS, ChFC, LUTCF
MML Investors Services, MassMutual Financial Group





  • What is Succession Planning? (Retiring or selling a business)
  • What is contingency planning? (Preparing for a disaster)
  • What do you do if you can’t go to work for a few weeks?
  • Will anyone know what you know in order to keep your business going in your absence?
  • What are the goals/objectives/outcomes of a successful plan?
  • What should business owners include in their plan to foster passing on a successful business after their departure or in the event of their inability to work?
  • What are the considerations by the business owner in choosing a successor?
  • What types of insurance should business owners have to address possible loss of life, disability, and business interruption?
  • What are the basics of buy-sell (shareholder) agreements and their role in succession planning?
  • The importance of periodic business valuation updates as critical to all stakeholders as the business is transitioned.
  • What are the basic estate planning tools that business owners should have in place now, even if a transition is years in the future?
  • How does a business get started in making a plan?