Episode 7

Published on:

4th Jun 2021

Advance Your Wealth - The Five Mistakes of Successful Family Businesses

In the most recent installment of Advance Your Wealth, Homer explores the five key mistakes being made by successful family businesses today.

Running a successful family business takes a tremendous amount of both working hard and working smart, all while navigating family dynamics. These dynamics can be ever-changing and require ongoing efforts to address them. Throughout Homer's time at Konvergent Wealth Partners, he's worked with countless family businesses to help them avoid these critical wealth planning mistakes and wants to share the tips with you.

So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business!


00:08 - Overview on the topic of the day

02:17 - Why wealth planning overall needs to be at the forefront of a family business

04:38 - Family businesses working with the wrong wealth management professional

06:35 - What type of wealth planner should a family business be looking for

07:30 - The importance of having an over-emphasis on tax planning

09:30 - The issues occurring when a matriarch or patriarch are secretive with family business information

11:15 - You must continue to update your wealth plan over time

13:45 - It's okay to sell to an outside party or someone outside of the family

15:50 - Final pieces of advice for family business owners to address these issues

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About the Podcast

Advance Your Wealth With Homer Smith
Financial advice to generate the results you expect and desire
Advance Your Wealth With Homer Smith provides you and your business with the financial advice needed to make calculated decisions moving forward. With over 18 years of industry experience, Homer Smith, Private Wealth Advisor with Konvergent Wealth Partners, understands the importance of a commitment to customer service and strives to help clients pursue their financial goals towards aspirations and retirement.

Each episode we'll take a deep dive into a different complex topic surrounding personal and business wealth management. So sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.

Investment advice offered through Integrated Financial Partners, doing business as konvergent wealth partners, a registered investment advisor.