Learning Objectives:
- Define business succession
- State the risks involved and solutions available to mitigate these risks
- Identify prospecting ideas through various risks identified in Business Succession
- Sell insurance to mitigate risks in Business Succession including arranging for Buy-Sell agreement
- Design total solutions for their clients with regards to financial planning and business insurance
Course Outline:
- Introduction to business succession
- Common structures of business setup in Singapore
- Common risks faced by businesses in succession planning and the common practices by businesses and companies in Singapore
- Steps in business succession planning for different business setup in Singapore
- Valuation of business for business succession
- Concept of minority discount
- Policy arrangement
- Income tax implication for the different policy arrangement and financing
- Introduction to Buy-Sell agreement and its benefits for succession planning
- Sample of Buy-Sell agreement
- Funding Buy-Sell agreement
- Business Succession Planning Fact Finder
- Making a presentation on business succession planning to business owners
- Case study: Preparing a Business Succession Plan using Buy-Sell Agreement
- Identifying potential prospects and approaching them (prospecting track)
- Handling objections
- Compliance and administration requirement
LIA CPD Hour: 12 hours (50% Knowledge, 50% Skills)