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Owner’s Corner – Creating a Solid Succession Plan with John Barce (podcast)

John Barce is the Owner and Partner at Barrett McNagny LLP, one of the oldest law partnerships in Indiana. John is a premier business attorney who focuses his practice on business transactions, federal & state taxation, and estate & business planning. He completed his JD at the Indiana University School of Law, where he graduated with Latin honors. Since 2016, John has been recognized and listed in the Best Lawyers of America publication. He is also a member of the Indiana State Bar Association, as well as the Allen County Bar Association.

John joins me today to discuss why business owners should have a solid succession plan as part of their business strategy. He shares the different legal entities a business can register as and explains what makes C-corporations different from S-corporations. He discusses what a “band-aid” approach to succession planning is and how it can lead to expensive business litigation. He also highlights why he approves of using valuation experts and shares his advice on making the succession, exit, and selling processes seamless.

“Succession planning is a process you wouldn’t want to wait on.” – John Barce

This week on The Owner’s Corner:

  • John’s background and how his family inspired him to practice law
  • His passion for business law and work in succession planning and corporate transactions
  • Legal matters that entrepreneurs should address before starting a business
  • The different legal entities a business can register as and the income tax structures they come with
  • Why business partners should avoid the “band-aid” approach to business succession
  • The number one driver of expensive business litigation
  • Why business partners should create a succession or exit plan the moment they start their organization
  • What buy/sell agreements are and how they help facilitate successions
  • The value of having a “company value” conversation between business powers
  • The difference between a C-corporation and an S-corporation
  • How to make selling a business a seamless process

Our Favorite Quotes:

  • “Business partners have got to plan from the beginning how they’ll separate if they have to.” – John Barce
  • “While you’re in that honeymoon phase of being excited, that’s a great time to address how you’ll get issues settled down the road.” – Seth Whicker
  • “Don’t necessarily expect that you want to go and sell your business today and you’re going to walk away. They may want you to stick around for 2-5 years.” – Seth Whicker

Connect with John Barce:

About SYM Financial and The Owner’s Corner Podcast

The Owner’s Corner is a show for business owners. In each episode, host and CERTIFIED FINANCIAL PLANNER™ Seth Whicker sits down with business owners and the professionals that serve them to talk about what it takes to build a business. Our guests come from many industries and walks of life to share their biggest wins, mistakes made along the way, and their thinking about the all-important exit planning.

Email Seth at swhicker@sym.com with questions, comments, and to schedule a one-on-one conversation.

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Disclosure: Certain links above are to third-party sites and are not affiliated with SYM Financial Corporation (“SYM”).  SYM is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request.

 

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