Understanding Succession Planning
No Unfinished Business Podcast Ep. 14 w/ Stephen Caton
Do you or your client own a family business? Are you protecting its future success and your family’s sanity with a full succession plan?
Protecting Generational Success
Family-owned businesses present huge and unique challenges when it comes time to pass the business on. Without a succession plan in place, those challenges can create enormous conflict for families – usually the exact opposite of the founder’s intent.
Our guest this week is Steve Caton, Managing Partner at Patron Partners, LLC. He has over 35 years experience creating and implementing succession plans for businesses, and he joins us to explain why they’re important, how they work, and how you should talk about these plans to your clients.
The What, How, and Why of Succession Planning
He’ll cover the two main goals of succession planning. First, to transfer the family enterprise to the next generation and beyond; Second, to minimize those potentially brutal family conflicts.
We’ll then get into some recent research about these plans, why and how to stress-test a plan, and tactics for talking to your clients about getting this done.
Contact Steve at http://patronpartnersadvisors.com/
No Unfinished Business® Podcast
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As we near the end of 2022, there are certain things we can can be doing (or at least be aware of) to help lighten the upcoming tax burden before the year is over.