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
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 ways of policy arrangement and financing
- Introduction to Buy-Sell agreement and the benefits of planning for succession through Buy-Sell agreement
- Sample of Buy-Sell agreement
- Using insurance as funding for Buy-Sell agreement
- Business Succession Planning Fact Finder
LIA CPD Hour: 6 hours (50% Knowledge, 50% Skills)