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The Most Important Considerations for Passing on Your Family Business
Manage episode 400765697 series 2917715
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The reality of the situation is that most business owners aren't adequately prepared for passing on their business and executing a well-designed succession plan. Oftentimes, these efforts and conversations are happening too late.
On the latest episode of Modern Wealth Management, Darrick covers the most important considerations that business owners should be thinking about when it comes to their succession plan. Ultimately, the balance of benefitting you, the business owner, and your family, can be achieved. It just takes proper planning.
Chapters:
0:00 - Introduction and overview on the topic
1:08 - Many entrepreneurs will encounter the need for succession planning
3:00 - The four big considerations for successful succession planning
6:04 - Addressing your goals for the business when you're no longer in charge
9:56 - The financial succession plan
13:31 - Statistics showcasing the impact of proper succession planning
16:24 - An overview on the operational succession plan
19:47 - Incorporating flexibility and transparency in your succession plan
23:09 - The story of family farms not properly preparing their succession efforts
26:38 - A story on the success that can happen when proper succession planning is in effect
29:22 - The key takeaways from today's episode
30:46 - How to get in touch with Darrick and his team
32:37 - Closing remarks
Connect with Darrick and Ray:
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