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How to Steward the Transition of Your Business to Benefit Your Clients

HLF Managing Shareholder John Hanamirian recently participated on a panel entitled, “The Case for Succession Planning: How to Steward the Transition of Your Business to Benefit Your Clients” at the Philadelphia Marriott West. Financial planners often follow the trend of many small businesses in the U.S.: they ultimately hand over the reins of their practices to a successor too late, failing to maximize value and realize their intended vision of succession. The two-part seminar explored how entrepreneurs and business owners can plan for a sale, partnership or transfer of responsibility, navigating the latticework of tangible and intangible factors that could impede progress. The first part of the program featured two presenters who explored how this arduous challenge represents a compelling opportunity for financial advisors, their clients, and the development of the next generation of industry leaders. The second part featured a discussion panel, including a financial planner, a foundation representative, a CPA, and a tax attorney. Topics included the proper way to structure the sale; considerations of taxation, retirement income planning, gifting, debt reduction, investments, cash flow and philanthropy, all featuring real world examples and best practices.

In addition to Hanamirian, presenters included Sameer S. Somalis, the Chief Financial Officer at Blue Ocean Global Wealth; Christopher Orlando, founder and CEO of Elite Advisor Consulting, LLC; Richard J. Busillo, Chairman and CEO of RTD Financial Advisors, Inc.; Kim Dula, a CPA and partner at Friedman LLP;  Richard J. Durso, shareholder and the Director of Financial Planning with RTD Financial Advisors, Inc.; and Pat Melleris, Vice President for Finance & Administration at The Philadelphia Foundation.

 

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