Optimizing Your Financial World - Episode 3 (Five Critical Planning Mistakes of a Successful Family Business)
In the third installment of Optimizing Your Financial World, Mark and Ryan examine successful family businesses and the critical wealth planning mistakes they are making on a regular basis.
Running a successful family business takes a tremendous amount of working hard and working smart, while navigating family dynamics along the way. This is no easy task, which is why even the most successful family business neglect to fine-tune their wealth planning strategies periodically. This allows for mistakes to creep into the picture.
Listen as Mark taps into his nearly four decades of experience and outlines each of these pivotal mistakes! This episode is bound to leave you with clear insights to consider for your own family business.
Timecodes:
0:06 - Overview on the topic of the episode
1:28 - Why the need for wealth planning among family businesses is paramount
3:21 - How the risk for mistakes enters the picture with family businesses
5:38 - The first mistake Mark is seeing by family businesses
7:17 - The second mistake surrounds proper tax planning
10:30 - How the third mistake encompasses the communication among family members
13:41 - The fourth mistake of thinking a family's wealth planning is "done already"
16:17 - How a family should go about updating their wealth plan
18:12 - The fifth mistake surrounding the sale of the family business
19:46 - How you can reach out to Mark and his team for more information
21:08 - Closing remarks
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