If you’ve built and grown a family business over time, there’s a very good chance that you’d like to have your heirs take over the company at some point down the road—or maybe more like around the corner, if you’re ready to move on.

But are you and your business’s potential future owners prepared for that transition and set up for success?

In the latest episode of Advance Your Wealth, we discuss the importance of the communication in the family business transition planning process and some of the issues that need to be addressed to increase the likelihood of a successful transition.

Timecodes:

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

2:38 - The overall importance of business transition planning

4:37 - The family planning element is extremely important within this conversation

6:19 - Where a plan can fall apart along the way

8:03 - The family relationships are at the crux of a proper plan

10:00 - How a family business should approach developing a thorough succession plan

11:27 - Generational family wealth and keeping businesses in the family

13:12 - What's the first step in getting this process off the ground?

16:41 - How to get in touch with Homer's team for future discussions

19:01 - Closing remarks

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