Succession Planning for the Small Business Owner: Finding the Exit Ramp Webcast
October 26, 2026
Live Webcast
NASBA 8
Instructor
Don Cochran
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Instructor
Don
Cochran
View Bio
Mr. Don Cochran
Bio
Don has practiced law in both Iowa and Minnesota for over 40 years. He is currently in a solo law practice in Apple Valley, Minnesota, focusing on tax, estate planning, and small business organization and management. He was a CPA with the small and emerging business practice of then-Big 8 accounting firm Touche Ross in Bloomington, Minnesota, and he has served as the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company?s Annuity and Mutual Fund division, providing advanced planning support for financial advisors on topics of financial and estate planning for small to medium-size businesses and wealthy individuals. Don is actively involved in continuing education and other seminars for financial professionals and accountants, on topics related to tax issues for individuals and small businesses; current financial planning and asset transfer; and preparing for and living through retirement. Don is much sought after as a presenter of CPE for seminars sponsored by state societies of CPAs, CPA firms, and other providers of continuing education for financial professionals, and is a featured speaker at several national tax conferences. Don earned a Bachelor of Science in general science from the University of Iowa in Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being a licensed attorney in Minnesota and Iowa, he maintains his license as a certified public accountant. He also attained the designations of Certified Financial Planner and Certified Retirement Consultant.
The life cycle of the small business can be summed up in three segments: 1) starting the business; 2) operating the business; and 3) getting out of the business. This course focuses on getting out of the business. The most elusive element of owning a small business can be finding the proper exit strategy. This course is designed to provide the business consulting practitioner with tools and concepts to advise the small business owner and assist them in developing the right exit strategy. The course covers exit strategies related to third-party sales and succession planning within a family.
Learning Objectives
Understand the process of selling a business from finding a buyer to completing the sale
Understand how business brokers operate and the fees they charge
Discuss the difference between selling the business and leaving the business: the transition period
Protect the seller’s interest in a seller-financed sale
Understand how estate planning and family succession of a business interact
Understand the use of discounts in transfers of ownership interests to family members
Discuss when to turn over operations while maintaining control of a family business: drawing distributions from the business for retirement and receiving a step-up in basis at death
Understand various structuring options for family business succession
Major Topics
How to find unrelated buyers of a business
Maintaining control of the business succession process
Turning over the reins to family members: when to give up control
Finding the right team to sell a business
Options for selling a business to an unrelated party
Options for selling a business to family members
Options for selling a business to employees
Overcoming the emotional attachment to a business
Selling to family members for a life annuity
Using family partnerships and trusts to transfer a business
CPE Credits Available
NASBA 8
4
Taxation (NYSED) (Taxation) - NASBA
4
Taxes (NASBA) (Taxation) - NASBA
Things to Know About This Course
Course Level
Intermediate
Prerequisites
A basic understanding of business entity types and taxation of sales of businesses
Advanced Preparation
A basic understanding of business entity types and taxation of sales of businesses
Intended Audience
Practitioners with small business clients that will eventually sell that business to third parties or family members that need advice regarding exiting the business