When was the last time someone gave you permission to do something unexpected?
I had the opportunity to hear Tom Deans, author of Every Family’s Business, share the tale of the shirtsleeves to shirtsleeves in four generations. But Tom’s family did it their way and not how you might think.
His great grandfather, grandfather and father understood business was a wealth creation tool, not necessarily to be gifted as an inheritance. They also understood that some businesses are not built to last. As a matter of fact, they took the position that it was better to cash in and create new companies given the opportunity while granting permission to do so.
What questions are we NOT asking of our business planning clients that can give them the freedom to choose to transfer their wealth or their business. If we are not asking the right questions then everyone looses. Just ask the nine million business owners who are looking for your help.
Filed under: Advanced Estate Planning, Business Succession Planning, Business Transition Planning, Estate Planinng, High Net Worth, Legacy Planning | Tagged: Advanced Estate Planning, Business Succession Planning, Business Transition Planning, estate planning, high net worth, Legacy Planning, Tax Planning | Leave a comment »