Preface xv PART I: VICTOR BANKS' DILEMMA Chapter 1: Victor's Situation 3 Chapter 2: Discussion Time 11 PART II: SOLVING VICTOR'S DILEMMA: TAKING CARE OF THE BUSINESS Chapter 3: Laying the Groundwork 19 Atlas Plastics: Hold or Sell? 19 Where Are We, and Where Do We Go from Here? 22 What's the Financial Picture? 25 Who'll Run Atlas if the Family Keeps It? 27 Chapter 4: How Do I Sell a Company? 35 Preliminaries 35 Getting Down to Business 39 Th e Process 41 Private Equity or Strategic Buyer? 46 Chapter 5: Talking Taxes Making a Good Deal Better 53 Understanding the Tax Implications 53 Th e Estate Freeze and the Trust 54 What Are Victor's Tax Options? 56 Just What Is Wrong with the Old Trust? 62 Chapter 6: Let s Make It Legal Getting the Deal Done 69 Private Equity Partner: Pros and Cons 73 Tying Up Loose Ends 75 PART III: RESOLVING VICTOR S DILEMMA: TAKING CARE OF OTHER BUSINESS Chapter 7: My Family Is My Business; My Business Is My Family 83 Defi ning the Business 83 Discovery Meetings 88 Deciding to Move Ahead Together 91 Chapter 8: I Invested My Life in My Business How Do I Invest the Proceeds? 99 Defi ning the Goals 99 Deciding What Matters 101 Where Do We Go from Here? 104 Combine and Conquer 107 Chapter 9: What Should My Estate Plan Look Like? 111 Taking Care of Rose 112 What To Do about Robert 115 Planning for Victor and Anne 118 Chapter 10: Ensuring the Outcome Innovative Insurance Solutions 125 Getting Down to Business 127 Epilogue 135 Appendix A: People in Victor Banks' Story 139 Appendix B: Financial Data: Atlas and Personal Assets 143 Appendix C: Th e Banks Family Empire Before and After the Private Equity Deal 145 Appendix D: Asset Allocation of the Investment Portfolio 149 Appendix E: Th e Insurance Solution 151 About the Authors 153 Index 159
Susan Latremoille and Peter Creaghan , experienced financial advisors who custom-design an investment portfolio for the family that provides lifetime income, tax sheltered, for Victor and Anne, and guaranteed liquidity for their estates Steve Landau and Pearl Schusheim , who are the architects of a tax plan that provides a substantial tax reduction on their transaction and diffuses an overlooked estate planning problem Tony Ianni , an investment banker who provides the Banks family with a variety of liquidity options to consider, and who ultimately leads the family through the private equity transaction Ron Prehogan , a specialist in resolving family business conflict, and Arnie Cader , who acts as an independent director to the family and the business Linda Betts , who helps the family identify and strategize regarding the softer issues, and manage the family dynamics Sheila Crummey , who crafts an estate plan for the family, and her partner Frank Archibald , a corporate lawyer who provides practical advice to the family on the sale of the business.