Contact: Patti Klein Lerner,
(818) 677-2130

CSUN Forum Helps Small Business Owners Avoid Pitfalls

The public is invited to a Family Business Forum on Thursday, May 4, at CSUN's University Club, located just off Zelzah Avenue north of Nordhoff Street. Registration and a continental breakfast are scheduled for 7:30 a.m., and the program from 8 a.m. to 10:30 a.m. There is no charge.

"Succession is an inevitable decision for every family business," said Daniel L. McConaughy, director of CSUN's Family Business Center. "No one lives and works forever. Nationally, only a third of family firms make it to the second generation and part of that low rate is due to lack of proper succession planning. Improper planning also can result in excessive estate taxes or the need to sell the firm because of inadequate financial resources."

The Thursday seminar, part of a continuing series, will deal with "buy-sell agreements," detailed legal contracts that specify that one party will buy out another party upon death, retirement, resignation, termination or some other triggering event, McConaughy said. William Staley, a Woodland Hills lawyer active in CSUN affairs and with expertise in estate planning, and a panel of other experts will discuss the agreements in detail, McConaughy said.

Those who desire to attend the forum or want more information may call McConaughy at (818) 677-4612.