Optimizing Your Financial World - Episode 20 (Succession Planning for Family Businesses)
Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next!
On the latest installment of Optimizing Your Financial World, Mark and Ryan examine a well-designed succession plan can reduce that risk and help facilitate a transfer that leaves everyone in the family satisfied.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:18 - How important succession planning is when a family business is in play
2:36 - Assessing the need for succession planning in the first place
4:19 - Starting the process of developing a succession plan
6:20 - Succession planning can avoid family conflict and foster harmony along the way
8:15 - How a succession planning address the technical aspects of the family business
10:33 - Putting your plan onto paper
13:10 - The mistakes that creep into play when developing a succession plan
13:33 - Keep your succession plan up-to-date!
15:29 - How to get in touch with Mark and his team
16:27 - Closing remarks
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