These are the titles to two books written by Thomas William Deans Phd. I have the distinct advantage of being a credentialed CEPA (Certified Exit Planning Advisor) and a member of EPI (Exit Planning Institute). As a result, I’ve had the unique opportunity to hear Tom speak live three times. His message is unique, and it resonates across the spectrum of privately held businesses especially with family businesses. I’d like to share some key points from his most recent presentation.
Your business is not your legacy. Your family is your legacy.
Proper financial planning provides families with “clarity”.
Silence is a destroyer of family wealth. Families need to communicate, collaborate and operate with transparency.
Proper business planning is integrated with your estate plan (or legacy plan).
The bottom line is, all business owners must have a well-thought out strategy that covers all three legs of the planning stool – personal (What will I do when I’m no longer involved with the business?), financial (Will I have the resources to accomplish all of my goals and is everything structured and managed effectively?) and business (Will I maximize the value of my business and structure the transition and legacy that I desire?).
FPA Owner Transitions 