Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next.

In the latest installment of Advance Your Wealth, Homer and Ryan examine how a well-designed succession plan can reduce risk and help facilitate a transfer that leaves everyone in the family satisfied.

Homer conducts regular succession planning meetings with his clients at Konvergent Wealth Partners, so this episode is bound to leave you with some insights to consider for your own family business!

Timecodes:

0:06 - Overview on the topic of the day

2:00 - Why the need for succession planning exists for family businesses

3:05 - How a family can assess their need for succession planning in the first place

4:52 - Where to begin the succession planning process

6:45 - Where transparency comes into play during this process

8:31 - How a well-crafted succession plan addresses the technical issues with a family business

10:20 - Getting the plan onto paper

11:30 - How to ensure the plan is adhered to over time

12:47 - Once the plan is in place, what families should do to ensure their plan works

14:00 - How to get in touch with Homer's team to discuss this topic further

15:34 - Closing remarks

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