PenBay Legal Breakfast: Business Succession Planning

Tuesday, September 17, 2019
8:00-8:30 – Continental Breakfast & Networking
8:30-10:00 – Presentation/Q&A
Maine Lighthouse Museum
1 Park Drive, Rockland

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All business owners will eventually face the challenge of transitioning ownership of their business. Ideally, business owners want to transfer ownership and control of their business to the right people, at the right time, and in the right way so as to achieve their personal and financial goals. The process of planning for this transition or succession is not a one-time event: in some cases it should be initiated several years in advance in order to address an owner’s personal goals and objectives in transferring the business to others. This program will address the issues and objectives that are common in business succession planning. It will describe some of the different options for structuring the transfer of ownership of a business and will include a review and discussion of some specific planning scenarios.

Nathaniel S. Putnam

Shareholder & Chair, Estate Planning & Wealth Transfer Practice Group

Nat’s practice is concentrated in the areas of estate planning, trust and estate administration, and planning for owners of closely held businesses. He provides advice on estate and gift tax planning, including the formation and administration of marital trusts, credit shelter trusts, irrevocable life insurance trusts, qualified personal residence trusts, and other sophisticated tax-planning vehicles. He also advises clients on all aspects of charitable planning and works closely with financial planners, philanthropic advisers, and accountants to address his clients’ personal and financial needs.

Nat represents numerous tax-exempt organizations, including public charities and private foundations, on a broad variety of issues. He has formed numerous tax-exempt entities, including both nonprofit corporations and charitable trusts.

Gretchen L. Jones

Shareholder & Chair, Business Law Practice Group

Gretchen has extensive experience in representing businesses and financial institutions in transactional matters as well as before the Maine Legislature, members of Congress, federal financial regulators and state agencies. She also represents individuals and business entities in business succession and transition planning and estate planning and administration. Her expertise encompasses serving as general outside counsel; governance; regulatory compliance; finance; charter conversions; and mergers, acquisitions and reorganizations. She is a frequent speaker on a variety of legal issues including financial services regulatory matters and business planning. Representative groups include the Credit Union National Association; Maine Bankers Association; Maine Credit Unions’ Compliance Council; Chambers of Commerce and state Credit Union Leagues.