As part of Kerfoot Burroughs LLP’s commitment to legal excellence, Ian Burroughs attended the “Tax and Succession Planning for the Family Business”
A continuing education seminar hosted by the Pacific Business & Law Institute. Key topics of interest to Ian during the seminar included:
- “Selling the Family Business Outside the Family” and balancing the needs of the potential purchasers against the familial and tax considerations of the Family Business;
- “Tax Planning for Intra-Family Transfer” which provided much detail on the many options for transitioning ownership to the next generation family members; and
- “Family Shareholders’ Agreements: Uses, Advantages & Pitfalls” that reinforced Ian’s belief that every business, whether it be family run or not, should always have a shareholders agreement to govern the business during times of conflict or transition.
Ian’s largest takeaway from the conference was that proper legal and tax advice are absolutely essential given the complexities of running a family business.