The accumulation of financial resources enables a business owner to become free of credit guarantees, initiate an exit strategy, and empower succession by transferring leadership and control of the business to partners, family members or key manager successors
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Whoa! I was definitely not prepared for the meeting I just had with my client. Going into the meeting, I thought I was well prepared. However, I came to realize that emotions have a way of clouding what appears to be very straightforward decisions. The meeting was to facilitate the client transferring substantial assets to [...]
“Is there anything you would have done different than your father regarding estate planning?” “Yes”, replied the son. The son, now a highly successful auto dealer, was emphatic in his response. “Dad was unwilling to do anything. He thought he would lose control. We were lucky he died during good market conditions - our dealership [...]
A business owner recently told me, “I have one brother who is my best friend and one who I don’t talk with, all because of business and financial issues.” Tragic yes, but not uncommon. Having worked with business owners and their families for over 30 years, I have witnessed situation after situation in which the [...]
“Is there anything your father should have done that he didn't regarding his estate planning?" "Yes" said the son... That question was posed by the father’s original dealership partner (now in his 80’s) to the son several years after the father’s death at a meeting in which I participated. The son, who is a highly [...]
A few years ago I encountered a franchisee who had successfully transferred more than $2 million of business value to his children by taking advantage of available minority discounts in conjunction with depressed goodwill and depressed real estate values — a brilliant estate planning move. The only problem was that he had not received permission [...]
Business succession planning is not a well understood profession. Consequently, I am commonly asked what do I really do? After confirming that "No, I am not a life insurance salesman," I commonly express that I deal with problems on the have side. After contending with the chuckling I endeavor to defend the virtue of what [...]
If you’ve been thinking about succession planning, you already know there’s a lot to consider. Dealing with estate minimization, tax avoidance, gifting, buy/sell agreements, etc., etc., can give people major headaches. And then there’s the human element associated with the transition of wealth, family leadership, and business concerns from one generation to the next, where [...]
A few years ago, a new client who lost his wife prematurely came to me with a large box full of papers that included several pieces of financial information including a dozen or so old life insurance policies. He had no idea if the life insurance policies were in force or not. Needless to say, [...]
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Personal financial planning is fundamental to the succession planning process. This initiative involves using the fruits of your labor to build personal financial security independent of the business. Having a personal financial wealth development and management strategy will provide you with the freedom to consider all viable business exit strategies without being forced into one [...]
