May 18, 2022

Jon Schindel presents at Minnesota Continuing Legal Education (CLE) – Business Law Institute

On May 10th, 2022 attorney Jon Schindel gave a presentation to his peers entitled: Family Business Succession: Exploring Benefits, Challenges and Strategies.

The presentation focused on the details of a transaction where the older generation of business
owners want to transition their ownership to the next generation. The content covered a range of
topics including:

Understanding the goals of each generation;
Creation of a high-level plan and explaining it to the owners in non-legalese;
Mitigating risk for the older generation when that generation provides the internal
financing to the younger generation;
Ideas for early payoff by the younger generation based on the company’s financial
Gifting options for the older generation and the tax considerations surrounding gifts of
Strategies to allow the older generation to continue to control certain fundamental
decisions about the company (sale of assets, borrowing, adding owners, etc) while that
generation is being paid off;
Updating of buy-sell provisions to fit the new scenario where the younger generation
owns the company and is still paying off debt to the older generation;
The importance of maintaining accurate records of ownership through the transition

The presentation was attended by approximately 60 attorneys who participated both in-person
and online.