Running a successful family business takes a tremendous amount of both working hard and working smart, as well as navigating family dynamics along the way!

On the latest installment of Modern Wealth Management, Darrick explores some of the key mistakes that too many successful family businesses make and how to best avoid them.

Given Darrick's extensive experience working with family businesses over the last two decades, he has plenty of stories to share! Sit back, relax, and enjoy another thought-provoking episode that's bound to leave you with some considerations for your own family business.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:15 - The overall need for wealth planning within a family business

6:18 - The risks that arise within family businesses

7:31 - What family businesses should be looking for in their wealth manager

11:56 - Pick out a wealth manager that isn't product-oriented

15:37 - How Darrick's clients react to his wealth planning process

17:05 - The mistake of hyper-focusing on mitigating taxes

22:35 - Don't be secretive about your wealth

29:40 - The importance of ongoing maintenance with your wealth plan

32:20 - What a family should do if their wealth plan is out of date

35:51 - You don't need to view the sale of the family business as a failure

42:04 - How you can get in touch with Darrick and his team for further discussions

44:02 - Closing remarks

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