Succession Planning, Part 1 – Building Wealthy Habits

January 15, 2024

In this episode of Building Wealthy Habits, the crew dives into part one of a two part succession planning series. Enjoy!

In this episode of Building Wealthy Habits, Randy and Jeremiah discuss the importance of succession planning for business owners, sharing stories of clients who lacked plans and struggled with unexpected transitions. They explore strategies like transferring ownership to family, partners, or third parties. Randy and Jeremiah emphasize preparing contracts, valuation, and the founder’s next steps to maximize business value and secure their own future.

This week on Building Wealthy Habits:

  • Business succession planning and its importance. 0:00
  • Succession planning for a family-owned business. 4:45
  • Business succession planning strategies. 7:35
  • Selling a business, valuation, and exit strategies. 12:29
  • Founder departures and business sales. 17:17
  • Retirement planning for business owners. 20:49

Connect with Randy:

  • LinkedIn: https://www.linkedin.com/in/rkbarkley/
  • Email: Randy@tricordadv.com

Connect with Jeremiah:

  • LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
  • Email: Jeremiah@tricordadv.com

This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest.

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