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Kevin Spafford, CFP®
As every farmer knows, harvest doesn’t just happen. It’s the result of months of work, planning, and preparation. We all reap what we sow, and while many consumers might not fully appreciate the cultivation and care that produces a crop, a farmer certainly does.
It’s the same with succession. If long-term success, multigenerational wealth and growing opportunities are your goal, a comprehensive succession plan is a must. A well-designed plan creates a smooth ownership transition, ensures your family’s financial security, helps the next generation prepare for the responsibilities of leadership and mitigates the estate tax.
The keys to good planning include:
1. Good communication
2. Common objectives
3. Readiness for succession
4. A defined planning process
These seven simple questions are designed to promote conversation and encourage the family to explore the succession planning process. Using the questions to structure a discussion will help family business owners to define their succession intent.
(eLegacyConnect's Constructive Conversations tool is available for public access - with no login required - through November 17, 2014.)
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Have questions specific to your family? We’re always happy to schedule a complimentary phone consultation to discuss your family’s succession objectives, review potential next steps, and determine how we can help.
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