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Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Engaging the Next Generation is Key to Successful Family Business Transfers

It is crucial to involve the next generation early in the process of transferring a family business. By communicating openly with younger family members from a young age about the business, its values, and future plans, current owners can help foster a sense of pride, responsibility, and buy-in. However, it is also important to consider each individual’s skills, interests, and vision for their role. Not all next-gen members may be suited for or attracted to leadership, so exploring alternative paths for meaningful involvement and ensuring fair treatment of all can help avoid resentment.

Owners may struggle with relinquishing control to younger generations taking over day-to-day operations. Part of this stems from uncertainty about their own identity and purpose post-exit. Advisors can help families establish governance structures like family councils and constitutions to facilitate transparency and partnership between generations. Educating next gen on the financial and psychological aspects of transition also fosters understanding of different perspectives.

Strong communication and fairness are key to maintaining unity through change. Next gen should have a voice in planning to feel heard and respected as partners rather than subordinates. Clarifying expectations around issues like compensation can prevent unmet assumptions from breeding conflict down the line. With early, ongoing engagement of all family members and a shared commitment to legacy, advisors can help business-owning families build continuity across generations.

If you are looking to transfer your family business to the next generation, contact our business succession planning team today to start planning for a smooth transition.

Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
What Did We Learn about Investments in 2023?

Reflecting on the tumultuous investment landscape of 2023, Buckingham Strategic Partners distilled invaluable insights into their “Top 10 Investment Lessons of 2023.” ...

The post What Did We Learn about Investments in 2023? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
What Does the IRS’s recruiting efforts mean for taxpayers?

The IRS’s recent intensification in recruitment to address wealthy taxpayers is raising eyebrows among high-net-worth ...

The post What Does the IRS’s recruiting efforts mean for taxpayers? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim

Estate planning for business owners, particularly those known for impulsive decision-making, requires a nuanced approach. ...

The post Entrepreneur Estate Plans For Those Who Choose To 1) Ready, 2) Fire, THEN 3) Aim first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more