Edward J. McCloskey, Attorney-Business Succession Planning
GNOEA met via Zoom on Tuesday January 26, 2021 for organization updates and to learn about Â preparing an Exit Plan for your business, by GNOEA member, Edward J. McCloskey, Business and Family Attorney. With more than 45 years in business, Edward practices Corporate/Business Law, Estate Planning and Successions. https://lawejm.com
Ed explained the difference between an Exit Plan versus a Business Succession Plan noting that the exit plan, Â focuses on your needs when you are ready to retire or exit the business and is for business owners who are financially independent. How much do you need from the business to continue your current lifestyle?
Ed reviewed the four exit strategies: Selling the business to family, selling to a key employee(s), selling to a third party or the most common liquidation. Ed suggested considering the following questions when preparing an exit plan: when to exit, the value of your business (not what your business is worth), where the money come from, and risks prior to an exit. He also shared options for those who may be ready to exit but not financially independent as provided on his handout. When coordinating Â an exit plan, Ed recommended getting the advice of a CPA and financial advisor and other professionals that can help design a comprehensive plan.
He referred to Stephen Covey’s The 7 Habits of Highly Effective People that suggests designing a plan that “Begins with the End in Mind”.
New Member Review:
The Board has voted on the membership application of the following potential member.
Members have untilÂ February 2, 2021Â to submit an objection due to conflict of interest:
Paige Henderson, Owner/Photographer
Guest of: Cynthia Widlitze
New Member Recruitment: If you have a prospect, please have them connect with Julie Couret at firstname.lastname@example.org
A list of open classifications can be found here.
Thank Yous & Announcements
Cynthia Widlitze introduced guest Paige Henderson, Owner/Photographer of Bellus, a photography boutique. Paige provided a brief overview of her photography services located in her new Mandeville location. She announced that a TV show will be televising her business on national television.
Lola Lass, Adeeta Staffing, announced that she has several employment opportunities available. Interested parties should contact her by email at email@example.com.
Jesse Hoppes, Leaaf Environmental, will listen in on a GNO, Inc. & JEDCO call today on Identifying Opportunity Zones. Contact Jesse for details at firstname.lastname@example.org.
Brien Lundin Q1 2021 dues invoices sent-Â Electronic payment is preferred. Please update your GNOEA mailing address to P.O. Box 113478, Metairie, LA 70011. The address is also on the website.
Board meeting to follow today’s meeting.
Upcoming Meeting Schedule
February 2 – No meeting
February 9 – Zoom – Stan Harris, President and CEO – Louisiana Restaurant Association – COVID’s impact on the Restaurant Business
February 16 – No meeting (Happy Mardi Gras)
February 23 – Zoom – TBA
Please login and view the Calendar for meeting login details.
Please contact Tim ScottÂ President-Elect/ Program Chair if you would like to be added to the presentation schedule or would like to recommend a speaker.