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

On the latest episode of Lessons by the Lake, we’re going to examine some of the key mistakes that too many successful family businesses make and how to best avoid them.

Timecodes:

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

2:12 - The need for wealth planning when a family business is on the table

4:06 - How a family can tell if a given wealth manager would be right for them

6:15 - Overanalyzing tax reduction or tax mitigation strategies

8:31 - Maintaining family harmony is pivotal to a family's success

14:13 - Being secretive about your wealth

15:32 - Failing to keep accurate and up-to-date financial planning efforts

17:42 - What families should do if they have an outdated wealth plan

21:40 - Selling your family business does not mean failure

24:40 - How to get in touch with Bob and his team

27:11 - Closing remarks

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