Success in the world of business requires not only careful planning for the present but also for the future. To this end, it is essential to engage in both estate planning and succession planning. In a recent video conversation, Jeff Bannon, a Succession Planner at The Rawls Group, and Aicha Bascaro, President of the American Franchise Association, explored the difference between these two types of planning and why they are both critical for financial safety, wealth, freedom, and creating a legacy of love for one’s family.

Estate planning involves determining how assets will be distributed after one’s death to ensure that one’s wishes are met and that assets are distributed according to one’s desires. Succession planning, on the other hand, is about preparing a business for continuity of profits through the next generation of ownership, even if the owner is still alive. Succession planning addresses critical issues such as key management, family involvement, and expectations.

Both estate planning and succession planning are crucial, as their absence can have severe consequences that can destroy a legacy and family. Without a plan, assets and businesses can end up in the hands of people who are not prepared or equipped to manage them, leading to the decline of the business and the loss of wealth.

To avoid any potential conflicts in the future, it is essential to engage in open and honest communication among family members. A clear understanding of everyone’s roles and responsibilities is critical to the success of both estate planning and succession planning.

Professional guidance is also essential in the planning process. Estate planning and succession planning can be complex processes, and it is vital to have the right team of professionals in place to help navigate through them. This includes attorneys, financial planners, and business advisors who specialize in succession planning.

In summary, both estate planning and succession planning are essential to ensuring financial safety, wealth, freedom, and a legacy of love for one’s family for generations to come. By involving family members in the planning process, seeking professional guidance, and engaging in honest communication, individuals and families can set themselves up for success and secure their financial futures.

For more insight:

Visit the “Franchisee Succession: How to Grow & Build Value” discussion page or select one of the additional episodes of the series below:


  • American Franchise Academy: assistance for franchise leaders in building a successful growing enterprise so that they can achieve their business & financial goals.
  • Succession Readiness Survey:  A 7-minute investment in time will put you in an informed position of opportunities many business owners overlook, impacting business value, growth, and lifestyle, and ultimately achieving your vision.
  • Contact a Succession Planner: The Rawls Group can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.

Personal Financial Planning

Estate planning is a complex endeavor, especially for owners of capital-intensive complex business’. Throw active and inactive family into the mix and trying to figure out what is fair, how to provide opportunities for the next generation without enabling them, and maintain family harmony.

Click the following link for more drill-down resources on Personal Financial Planning.

In complex family and business environments, it is imperative to lean on expert legal and tax advice who specialize in the same size business and estate as you.  We are not attorneys or CPAs but know experienced advisers if you are looking for sophisticated advisory services.

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We can provide insights and other resources and assess whether it makes sense to work together. In just 30 minutes, you may gain actionable ideas that you can immediately apply to your business. Contact us via phone or email below, or fill out the “Ask An Expert” form.