In the most recent installment of Planning Wisdom of the Super Rich, Devang and Ryan highlight the five key wealth planning mistakes made by successful family businesses today.

Running a successful family business requires a tremendous amount of both working hard and working smart. The dynamics can be ever-changing, and it takes ongoing efforts to ensure all issues are mitigated along the way. Throughout Devang’s experience in wealth planning, he’s spent time with a number of family businesses and helped them avoid these critical mistakes.

So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business!

Timecodes:

0:06 – Overview on today’s topic

1:43 – Why wealth planning as a whole is vitally important for family businesses

3:03 – There are numerous ways for families to be derailed by wealth planning mistakes

4:47 – What family business owners should be looking for in a wealth manager

6:00 – A second wealth planning mistake family businesses make

7:45 – The third wealth planning mistake

9:36 – The fourth mistake of failing to keep your wealth planning accurate and up-to-date

11:30 – What families should be doing if their wealth plan is outdated

12:24 – The final mistake Devang is seeing family business make

13:38 – Closing remarks

Connect with Devang Patel:

Virtus Wealth Solutions

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