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Comprehensive and Coordinated, Part 2

With the right combination of tools and techniques, John and Sara now have a secure retirement. They’ve sold the operation to the next generation, secured the land as a family legacy for their descendants, and substantially reduced their exposure to the estate tax. Succession planning and wealth management, they learned, are not just about money. The process is about helping people make good decisions and planning for the future.

Comprehensive and Coordinated, Part 1

A comprehensive succession plan is comprised of four separate, yet interrelated building blocks---Financial Security, Ownership Transition, Leadership Structure, and the Estate Plan. Due to their situation, it was very important to start with an analysis of John and Sara’s financial security. Logic dictates that until someone is reasonably comfortable with their financial situation, and the means of support for the rest of their lives, they won’t be willing to make the decisions and take the actions necessary for succession.

How Do They Do It?

The McGregors had a successful multigenerational farm business. Their kids grew up and wanted to work in the family operation. They got married and thought their spouses should be included. As parents and business owners, they’re interested in growing the operation while maintaining their financial security… What would you do?

Together We Will Shape Our Industry

Know that others are keeping track. Consumers, watchdogs, and adversaries are taking notes and grading everything we do. It’s not just words that will shape our industry, it’s each one of us acting alone and in concert to create paths of empathy and understanding. Together we can make a difference.

Conducting Effective Family Meetings

In my inbox today, I found a tutorial about conducting effective family meetings. Though I utilize a family meeting as the basis for all my succession planning engagements, Dennis Jaffe and Stacy Allred, the authors of “Talking It Through - A Guide to Conducting Effective Multi-Generational Family Meetings About Business and Wealth”, offer some great advice.