TUNING UP YOUR BUSINESS TO GROW OR SELL
Last year 120 collision shops and countless mechanical shops closed in the state of Ohio. The independent automotive mechanical & collision repair business is changing at light speed with consolidation, vehicle complexity, required expensive tools, and the list goes on. Those shops that do not plan for growth or their eventual sale will either fail or not provide sufficient sales proceeds to the owner for a comfortable retirement.
Many shop owners are at a crossroad they can either: (i) invest in their business over the next several years by acquiring additional shops, equipment, and the training and retention of employees to increase the value of their business for a future sale or (ii) sell their business in the near future. Without business and personal financial planning with measurable goals you are significantly reducing the odds of succeeding no matter which road you choose. Additionally, regardless of the road you choose, proper tax planning will maximize what you can reinvest in the business or retain for you and your family currently or upon sale.
Stuart Sorkin, a CPA, Attorney, and Co-author of “Expensive Mistakes when Buying and Selling Companies…and How to avoid them in your Deals” will present and provide a business and financial road map for shops to plan for business growth and acquisition or make your shop attractive to prospective buyers.
- Why do you need an exit strategy and what are the critical issues in developing exit strategy from the personal and business side?
- As a part of the exit strategy you will need to determine who would be the right buyer for your business and each type of buyer has a different set of issues.
- A review of key provisions in the 2017 Tax Act that effect personal and business planning with a focus on choosing the right business entity.
- What steps can you take to minimize income and estate taxes on executing your exit strategy?
- Estate Planning to asset protect and preserve family harmony.
- Preparing your business for growth of sale.
- Determining the value of your business
- Preparation for acquisition/or sale and developing an acquisition strategy
- Adding value to your existing business
- Improving hiring and retention of employees
- Issues in developing a partnership agreement
- Types of Transactions
- Letter of Intent
- Definitive Agreements and closing.
Friday, April 5, 2019
9:00 AM - 3:30 PM
Ohio Auto Kolor
2600 Fisher Rd
ASA Ohio Member: $ 99.00
Biography: Stuart Sorkin is a transactional attorney and business consultant, whose experience ranges from buy-sell agreements, raising of capital and financing, acquisition, development and sales of businesses and real estate, employee incentive compensation, federal and state income and estate tax consequences of transactions, financial and retirement planning, including asset protection. He has worked with automobile body shops in all these areas all across the country and has been a presenter at NACE and other industry conferences. Stuart is a certified public accountant, his J.D. degree is from the University of Miami and he has a master’s in law degree in taxation from Georgetown University. He is also the co-author with Dick Stieglitz, Expensive Mistakes When Buying and Selling Companies … and How to avoid them in Your Deal” He will be providing complimentary copies of his book to the attendees.