Successful Generations

We all die. The goal isn’t to live forever, the goal is to create something that will. –Chuck Palahniuk Full show notes can be found: www.successfulgenerations.com/epsiode086 QUESTIONS: What do you need to be successful in transferring the business? Why is a business succession plan important?  What are the components of a good plan?  Why is a valuation important for a family business?  Selling to a third party-- why is this thinking advisable even if you plan to sell it to your kids?  What are pros and cons of having minority shareholders?  In your book, you talk about preparing and protecting heirs-- what do you mean by that?  One of the ways to protect heirs from each other is to have a buy-sell agreement, if you agree, what does a buy-sell agreement look like? What are the considerations?  (summary on page 78) What is a Charitable Bailout and Charitable Remainder Unitrust (CRUT) “the same basic features: a transfer of a business interest, a charitable contribution, deferral of capital gains taxes, a su