Back to School – Why Succession Planning is So Important

Financial JournalistFamily Business Transitions, Succession Planning

Summer is over.

Whether you’re an empty nester or perhaps not so lucky, “Back to School” is a great time for parents to consider succession planning for not just their immediate estate, but also including the family business.

What may have started as a “side-hustle” could be blossoming into a legitimate venture and worth reviewing. Mom and pop can now more readily identify with other founders making plans for growth: a healthy client roster, reliable 1099-ers ready to transition into employees, and a community with whom to engage regularly.

Needless to say, for the other end of the spectrum, when the kids boomerang and come back home as adults for any number of reasons, some parents struggle to maintain their re-discovered independence after being long retired as World’s Best Mom! How to free up from past duties?

Consider passing the torch on to your offspring. Succession planning is a good idea whether you started a small construction company through blood, sweat and an SBA loan, or you’re looking to preserve long-term family wealth through goal-setting.

All things begin with a conversation. Presenter Richard Del Monte, MBA, CWC, CFP is the founder and president of Del Monte Group (DMG), who since 1985 has been helping families find their Place of Possibility® through integrated wealth management, collaboration with all family advisors and preparing heirs.