Building a Well-Defined Succession Strategy

Oftentimes on this show, we discuss the overall importance of utilizing a team of trusted professionals to help you navigate your financial circumstances. And in today's episode of Lessons by the Lake, we welcome on a member of the Oswego Private Wealth team of professionals that help service Bob's clients.

Don Bielen, Principal at Perkins & Co Succession, joins Bob and Ryan to discuss the inner-workings of a well-defined succession strategy. Don and his team are focused on advising successful business owners and their families on how to realize value form their ownership, prepare for their exit and preserve and protect the family's assets.

We've got a great conversation on tap for you today! Enjoy!

Chapters:

0:00 - Introduction and overview on the topic of the day

1:48 - How Bob Bedritis works with his business owner clients

4:22 - Don's background working with family businesses

5:41 - Transferring a family business from the first generation to the second generation

7:24 - The main challenges business owners face when planning their succession

13:25 - The different acts in the life of a business owner

17:35 - Advanced strategies to transfer a family business and reduce taxes along the way

22:50 - When should a business owner start the succession planning process?

28:50 - How to get in touch with Bob and Don for more information

30:20 - Closing remarks