Free workshop sponsored by Flagstar Bank aims to demystify complex processes for business owners

STATEN ISLAND, N.Y. (Oct. 9, 2024) – A SCORE-Staten Island webinar at 1 to 2 p.m., Tuesday, Oct. 15, will focus on key matters of “Selling a Small Business and Succession Planning.”

The free online event, sponsored by Flagstar Bank, will be conducted via Zoom by attorney Robert J. Scamardella, managing partner of Staten Island-headquartered Scamardella, Gervasi & Kasegrande P.C.

The aim of the workshop is to equip business owners with the knowledge and tools needed to navigate the complex processes related to selling a small business and planning for succession.

“… These processes not only impact the financial future of the business owner but also determine the continued success and sustainability of the business itself,” states Scamardella.

Topics to be addressed during the webinar will include:

• Importance of Succession Planning and Selling a Business
• Steps to Develop a Succession Plan
• Identifying Potential Successors (Family, Employees, External)
• Understanding Tax Consequences of Selling a Business
• Understanding Business Valuation
• Methods of Valuation (Asset-based, Income-based, Market based)
• Marketing Your Business for Sale
• Key Terms and Conditions to Negotiate
• Documenting the Succession Plan
• Estate Planning Considerations
• Communicating the Plan to Stakeholders
• Lessons Learned from Failed Sales or Poor Succession Planning

HOW TO REGISTER

Those planning to attend the workshop may register online at https://www.score.org/statenisland/event/selling-a-small-business, or leave a message for Marie at SCORE (718-727-1221) with their phone number and email address.

About SCORE-Staten Island

SCORE-Staten Island is dedicated to fostering a vibrant small-business community primarily in the New York City boroughs of Staten Island and Brooklyn, and nearby areas of New Jersey. The organization provides cost-free education and confidential mentoring to both aspiring and established entrepreneurs. Headquartered at 1855 Victory Boulevard, in the Salmon Real Estate Building, Castleton Corners, SCORE-Staten Island is Chapter 476 of the nationwide SCORE nonprofit association. A resource partner with the U.S. Small Business Administration, SCORE is funded in part through a cooperative agreement with the SBA. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. For additional information, or to schedule an appointment, SCORE-Staten Island may be visited at https://score.org/statenisland; telephoned at 718-727-1221; emailed at scorestatenisland@scorevolunteer.org, and visited on Meta/Facebook (https://www.facebook.com/SCOREStatenIsland) and LinkedIn (https://www.linkedin.com/company/score-mentors-staten-island).

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