RIMTA Professional Development Seminar to Focus on Succession Planning

Every business needs a plan, but not just for day-to-day operations and long-term goals. Businesses also need to plan for unexpected events and eventualities — such as a business partner’s untimely death, or the time when a family business needs to pass to its founder’s children or key employees.

According to estate-planning attorney Joseph Marion of Adler Pollock & Sheehan, planning for those unexpected events and eventualities comes under the umbrella of succession planning — and these types of occurrences can be complicated without proper planning.

Breakfast With Champions_logoOn December 6, Marion will be the featured speaker at “Succession Planning: Key Strategies for Business Survival,” the second seminar in RIMTA’s “Breakfast with Champions” professional development series.

According to Marion, since no two businesses are alike there are no cookie-cutter solutions that cover all companies. But there are financial and tax-efficient strategies that can be put in place for smooth transitions.

Take, for example, a family whose majority of assets are tied up in the family business in which two of the family’s three children work. When the founding parents pass on, how can the business come up with the liquidity so the two children in the business can buy out the third? And how and when is the value of the business determined?

What if you have no successors? Can you use life insurance or tax-minimization strategies to unstrap the business and make it more attractive to a buyer?

What happens when a 50-year-old partner in a business dies? Her husband does not work in the business, nor does he have any interest in becoming involved; what strategies can be put in place so the surviving business partner can buy out the decedent’s spouse and keep the business going?

Or consider a valued employee who has been working at a business for 25 years and would someday like to succeed the owner. What type of planning can be done to make that possible?

Marion has worked on succession planning for 20 years with many types of businesses—from retail outfits to franchises, family businesses, partnerships and manufacturers.

His presentation at the seminar will cover:

  • The federal and state income- and estate-tax system, and changes proposed under the Trump Administration
  • Estate-planning documents that should be put into place for every business owner and their family members
  • Strategies for succession planning, including case studies and how life insurance can be utilized


“A lot of business people say, I don’t need to make any plans, not just yet,” says Marion. But no one anticipates a sudden death, and unexpected medical issues can arise as any age. Succession Planning is not just a task for 70- and 80-year-olds, but for business owners at any stage of a career.

“Succession Planning: Key Strategies for Business Survival” with attorney Joseph Marion takes place on Wednesday, December 6, from 8:00 to 10:00 AM.

Click here to register.