my succession plan has evolved, as I now have a direct descendant who I would like to include in the plan. Yet a nagging question is, how does she fit in that plan and in carrying that legacy throughout her life? Will she want to be part of that legacy? Will her children?
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also like my business to be properly positioned to continue making a positive difference in the lives of my clients, no matter who’s at the helm. The Major Three Steps
The first step any business owner needs to take is to decide when they want succession to The questions are happen. What does your endless, and they change timeline look like? Do my focus from being you ideally want to leave strictly about what me your company and retire and my amazing team or start something new can do at this moment. when you’re 40? Fifty? Sixty? If it helps, think Since I don’t know what about this like an exit my daughter will grow plan, something many up to want, my focus is startups have from day on allowing my business one. to stay in the family with as few hiccups as Next is to consider how possible but also remain you want the succession appealing to buyers to happen so it creates should my heirs want to that win-win-win. What explore that route. does a perfect plan look like for your clients, your Ultimately, no matter successor, and yourself? what choice my family makes, I’d like my A third component is employees’ careers to consider funding. to change as little as Whether you want possible so they can to create a buy-sell still benefit from the agreement so your heirs upward trajectory can sell your equity they’re currently on. I’d to a business partner
or you want to train a replacement, you will need to find a way to fund the moves. Life insurance can be a very helpful asset, whether your business needs funds for attracting and training talent or funding the sale of your equity. My primary goal has always been to help make the world a better place. It sets my mind at ease to know my legacy will give others the opportunity to do the same. Rather than making it seem like my life is smaller, legacy and succession planning helps me ensure my goals, my priorities and even my very essence reach farther than they ever could have during my lifetime. This understanding gives me an unbelievable amount of happiness, allowing me to find even more ways to make a positive change within the world—in perpetuity.
