Continuing Legal Education

Succession Planning: Managing the Transition

January 25, 2013
8:50 a.m. – 4:45 p.m.
6.00 MCLE hours, including 1.00 Professional Responsibility MCLE credit hours (PMCLE credit subject to approval)

ISBA Chicago Regional Office
20 S. Clark St, Suite 900
(map and directions)

Get the information you need to assist your small business owner clients with the sale (or purchase) of a business!

Learn how to effectively manage the succession planning transaction – from preparing the business for sale and identifying potential buyers to winding down the business and tying up any loose ends. Business advice attorneys, general practitioners, and trusts and estate lawyers with basic practice experience who attend this full-day seminar will learn how to:

  • Help clients prepare employees for the transition;
  • Effectively manage the proceeds of sale;
  • Create (and complete) the pre-sale checklist;
  • Transition the family business to the next generation;
  • Draft the necessary documents for the sale/purchase of a business;
  • Recognize important intellectual property issues throughout the transaction process;
  • Address environmental issues and concerns with the business;
  • Close down a business – with or without a purchaser for the business; and
  • Deal with the ethical considerations that may arise throughout the succession planning process.

Program Coordinator:
Mary C. Stark Hood, Hood Group Inc, Oak Brook

Program Moderator:
John D. Gutzke, Rolewick & Gutzke, P.C., Wheaton


Please Note: Prior to the program, you will receive a weblink via email allowing you to access the course materials prior to the program. You will also receive a copy of the course materials (for no additional charge) when you arrive at the program, but will need to check the appropriate box on the registration page letting us know if you prefer a flash drive or printed course book.


8:50 – 9:00 a.m.  Introduction and Overview
Mary C. Stark Hood, Hood Group Inc, Oak Brook

9:00 – 9:45 a.m.  Non-Legal Aspects of Selling a Business
Selling a business can be an emotional, exciting and/or frightening time for your client. Learn how to make this transition smoother with the information presented throughout this segment. Topics include: preserving formulas for success and adapting to new business models; preparing employees for the transition; preparing for the emotional issues in selling a business; planning for a future without the business; and managing the proceeds of sale.
Dave Jackson, Evolve, Chicago
Brad S. Stanek, Senior Vice President, Morgan Stanley Smith Barney, Chicago

9:45 – 10:00 a.m.  Break (beverages provided)

10:00 – 11:00 a.m.  Ethical Considerations for the Attorney*
Gain a better understanding of the ethical issues and concerns that can arise during the succession planning transaction.
Eugene F. Friedman, Friedman & Friedman Ltd., Chicago

11:00 – 11:45 a.m.  Financial Issues in Selling a Business
This segment discusses the various steps that need to be taken in order to maximize the financial value of a sale – including what needs to be done 12-24 months prior to sale, as well as 6-12 months before the sale. Identifying prospective purchasers and the pre-sale checklist is also discussed.
Jeffrey A. Miller, Miller Wealth Law Group LLC Schaumburg

11:45 a.m. – 1:00 p.m.  Lunch (on your own)

1:00 – 1:45 p.m.  Transitioning a Family Business to the Next Generation
In many cases, the business succession plan is as simple as passing the business down to the next generation of the family – which, of course, isn’t always as simple as it sounds. This comprehensive overview examines several components to this process – from important tax issues and concerns to gifting/selling the family business to some (but not all) of the children.
Andrew C. Vaughn, Katz & Stefani, Chicago

1:45 – 2:45 p.m.  The Sale/Purchase of a Business – Part One
Whether your client is selling or purchasing a business, it is important that you understand how to draft the necessary documents for the transaction. Part One of this segment not only addresses which documents are important, but also discusses structure of the pay-out and closing.
Brian D. Rogers, Evans & Dixon, LLC, St. Louis

2:45 – 3:00 p.m.  Break (refreshments provided)

3:00 – 4:00 p.m.  The Sale/Purchase of a Business – Part Two
Part Two of this segment continues with a look at several intellectual property issues, as well as important environmental concerns.
Eugene F. Friedman, Friedman & Friedman, Ltd., Chicago
Eugene P. Schmittgens, Evans & Dixon, St. Louis

4:00 – 4:45 p.m.  Closing Down a Business
As your client’s business begins to wind down, it is imperative that they tie up any remaining loose ends. This segment helps you determine which transactional steps are necessary for closing down the business and passing the keys on to the new owners, and also discusses what to do when no purchaser for the business exists.
John D. Gutzke, Rolewick & Gutzke, P.C., Wheaton


*Professional Responsibility MCLE credit subject to approval