How Do You Plan For The Cost of Succession?
Most people look forward to retirement with anticipation, often imagining it as the end of their working life. In many cases, the retiree does not plan to worry much about financial planning and investing after retirement. A recent Forbes article describes the reality as far different. “Forty percent of baby boomers expect to work until they die, according to data from AARP.” In order to retire financially secure, you must have a plan. But what should it include and how do you put it together? Are their other details we should be worrying about; which ones?

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When Do You Transfer Management Skills for the Operation?
The right time depends on numerous factors, including who will take over, what skills they have to qualify them, how long the founding generation wants to be involved, whether the operation needs to expand to support more family members, as well as the strategy for passing on these skills and how the family envisions the next generation taking over. Planning early and not only identifying who will take over, but also how that process will unfold is important to the long-term success of the operation. It takes more than just telling the next generation when and how to do things, but also getting into why things are done the way they are.

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