Building Wealthy Habits Ep. 4 – Succession Planning, Part 2

February 6, 2024

In part 2 of this conversation around succession planning for business owners, we discuss the importance of ensuring a smooth transition and continued success of their businesses through leadership development, identifying successors, financial structuring, and planning for owners’ retirements and next chapters.

In this episode of the Building Wealthy Habits Podcast, we bring you part 2 of the conversation around succession planning. Randy, Laura and Jeremiah discuss the importance of succession planning for business owners and emphasize starting early and identifying potential successors. Succession plans should ensure the business continues successfully and provides financial incentives for existing owners. The team stressed involving advisors like attorneys and accountants. They also said planning for retirement and one’s next chapter is key to a smooth leadership transition.

This week on Building Wealthy Habits:

  • Succession planning for business owners. (0:00)
  • Business succession planning and its impact on employees and revenue. (3:29)
  • Succession planning for family businesses. (9:50)
  • Planning and leadership in family-owned businesses. (12:16)
  • Exit strategies for business owners. (15:02)

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