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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.

Identify Potential Successors and Begin Leadership Development

Successfully transitioning management responsibility is critical to any business. Without a prepared, competent successor ready to assume the role of top decision-maker, the owner’s retirement, death, or disability is very likely to cause the business to falter or even fail.

Transitioning Ownership: 3 Strategies, Part 2

Even though the ownership and management succession will not take place until the owner’s death, this is still a planned succession strategy. Therefore, the owner must decide who will acquire the ownership interest and how it will be transferred.

What If...?

What if succession planning didn’t get mired in emotion and tangled in a web of dissension? Experience shows families hesitate to engage in the succession process due to a ‘powder keg’ of explosive issues.

Irrelevance, really?

In his weblog of August 13, 2013, Morrison explains his rationale for ‘seeking irrelevance.’ As the founder he realizes that in order for the business to continue beyond his watch, he’ll have to transition the ownership and management to a well-prepared next generation. As a leader, part of his responsibility is to encourage future leaders in the firm to step up, become accountable, and even make mistakes.