Transferring a family business is very complex because it changes three things that are near and dear to you: your business, your family and your wealth. This is one of the most significant financial decisions that you will ever make. More importantly, this event could substantially alter the very fabric of your family for better or for worse. How you handle this process could mean the difference between a prosperous business that a united family is ready to lead for generations or an unstable business that is the center of disharmony and soured family relationships.

There is simply too much on the line not to have a well-thought-through plan. But what should be in your plan? What steps should you take? Join Robert Legan, Senior Vice President at Whitnell, as he walks you through the seven key areas to take action:

  1. Assemble Your Team
  2. Assess Your Personal and Family Goals 
  3. Develop Your Personal Financial Plan
  4. Formalize Your Business Succession Plan
  5. Discover Your Business’s Actual Value
  6. Develop Your Equity Transfer Strategy
  7. Execute Your Plan

In under 20 minutes Mr. Legan provides a roadmap to building a successful transfer plan. He states: “I believe that a thorough process, based on best-practices, can help address all stakeholder needs. The clients that I have served on these matters have successfully transferred their businesses, satisfied family goals and most importantly – preserved the integrity of family relationships.”

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