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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