The reality of the situation is that most business owners aren't adequately prepared for passing on their business and executing a well-designed succession plan. Oftentimes, these efforts and conversations are happening too late.On the latest episode of Modern Wealth Management, Darrick covers the most important considerations that business owners should be thinking about when it comes to their succession plan. Ultimately, the balance of benefitting you, the business owner, and your family, can be achieved. It just takes proper planning. Chapters:0:00 - Introduction and overview on the topic1:08 - Many entrepreneurs will encounter the need for succession planning3:00 - The four big considerations for successful succession planning6:04 - Addressing your goals for the business when you're no longer in charge9:56 - The financial succession plan13:31 - Statistics showcasing the impact of proper succession planning16:24 - An overview on the operational succession plan19:47 - Incorporating flexibility and transparency in your succession plan23:09 - The story of family farms not properly preparing their succession efforts26:38 - A story on the success that can happen when proper succession planning is in effect29:22 - The key takeaways from today's episode30:46 - How to get in touch with Darrick and his team32:37 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn

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