The Other Side Of Potential Episode 126: Business Succession Planning

Mar 8, 2022

What you’ll learn about in this episode:

  • Obstacles family businesses encounter when planning for the succession of their business.
  • The methods that Steven uses to help business owners navigate these obstacles.
  • Steven addresses the effect on a family unit when the leader or CEO of a family business falls ill or suddenly passes away.
  • Steven explains how people have (or haven’t) become more proactive in the era of COVID.
  • Hear Steven’s advice about life insurance and why not everybody needs insurance.
  • Those that 100% should have life insurance: young parents and primary income earners.
  • For those that are really wealthy, they can live comfortably off their assets, but there are also the perils of estate tax.
  • The questions you should be asking insurance brokers, like “Are you a broker or an agent?”
  • A lot of times, the financial products you’re sold won’t suit your needs; figure out what works.
  • While Steven recommends working with a broker, it doesn’t mean all brokers are trustworthy!
  • Hear the differences between life insurance offerings and how to avoid being underinsured.
  • Steven makes an analogy with investment; you don’t put all your money into one stock, so make sure you diversify your life insurance.
  • Some of the common mistakes Steven sees people make when establishing wills and trusts.
  • Picking a guardian for your children and a trustee: Steven goes over whether or not it should be the same person.
  • Steven cautions that people do stupid things when money comes into play; it’s human nature.
  • Why Steven recommends his clients revisit their estate plans or wills every three to five years.

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