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The Most Important Considerations for Passing on Your Family Business
Episode 213th February 2024 • Modern Wealth Management • Darrick Hutchens and Ray Kramer
00:00:00 00:33:30

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The reality of the situation is that most business owners aren't adequately prepared for passing on their business and executing a well-designed succession plan. Oftentimes, these efforts and conversations are happening too late.

On the latest episode of Modern Wealth Management, Darrick covers the most important considerations that business owners should be thinking about when it comes to their succession plan. Ultimately, the balance of benefitting you, the business owner, and your family, can be achieved. It just takes proper planning.


0:00 - Introduction and overview on the topic

1:08 - Many entrepreneurs will encounter the need for succession planning

3:00 - The four big considerations for successful succession planning

6:04 - Addressing your goals for the business when you're no longer in charge

9:56 - The financial succession plan

13:31 - Statistics showcasing the impact of proper succession planning

16:24 - An overview on the operational succession plan

19:47 - Incorporating flexibility and transparency in your succession plan

23:09 - The story of family farms not properly preparing their succession efforts

26:38 - A story on the success that can happen when proper succession planning is in effect

29:22 - The key takeaways from today's episode

30:46 - How to get in touch with Darrick and his team

32:37 - Closing remarks

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