Category: Succession

Coaching - Succession- Financial Planning

A new look at estate planning

Estate planning is defined among financial professionals as the “organizing of one’s affairs to distribute the assets tax effectively.” The question however is: Should the assets be distributed? Is it a better idea to organize one’s affairs so that the assets can best benefit future generations and the community as a block of assets? It…
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Planning for Family Wealth Transfer

We seem to be hearing less about the coming transfer of wealth from the senior generation to the next generation, I think the baby boomers got tired of talking about it. That doesn’t mean it’s not going to happen and smart money (that is long term, generational money) stewards are still contemplating how this transfer…
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Who is the Future You

A key when I’m coaching somebody is to establish the goal or goals (maximum 3) that they want to achieve. Defining those goals is very hard for many. I asked my psychologist brother why this seems to be so difficult and his response surprised me…until I thought about it. “Its hard for a person to…
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Business Owners Dilemma

George stirred his coffee idly, “This time last year I was in Florida” he said. The business owner was sitting in front of me as we concluded our lunch meeting. “I remember we were having terrible weather, rain and cold…I recall thinking ‘I gave up a week at the office for this’” I smiled and…
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The Power of Family Meetings

One by one they came over to me and shook my hand. Dad was in his eighties, Mom was mid-seventies, two sons and two daughters in their forties and fifties. They had just completed their first family meeting and as they thanked me they each wondered why it had taken so long. Dad and mom…
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Succession planning is not about retirement

Succession planning is not about retirement, it’s about commitment and preparedness for the future. Through development of a plan family members are given the tools to help identify what they want and how to align the wants of each family member. There are two fundamental parts to a succession plan:      Strategic plan: where do…
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Would I like to retire at some point?

A good definition of retirement is working because you want to work, not because you have to work. A well planned “retirement” gives you options. The goal should be to have choice and control. Asking the question “Would I like to retire at some point?” starts you thinking about the answers and planning to achieve…
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Life Insurance is a Valuable Financial Tool as a Business Transitions from one Generation to the Next

Jack and his sister Jill sat in front of me looking expectant. Jack still had the bandages on his head from the nasty fall he had taken a couple of weeks ago, Jill showed signs that she had taken a tumble too. Jack and Jill were planning on buying their parents out of the family…
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Investing in the Family.

Shortly before my father died, at the age of 80, I asked him why he and my mother had decided to up-root the family and move with their four sons to Canada from Edinburgh. His response was immediate, if he didn’t do it two sons would make the move and he didn’t want the family…
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The Boss Died, Now What?

Judith watched in disbelief as the paramedics wheeled the stretcher carrying Fred’s body past her office. A distraught Emily, Fred’s wife, followed, supported by Al, Fred’s partner in the business. Emily had come in for a lunch date and found Fred face down on his desk. It was too late. Judith sat there, her attention…
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