Estate Planning: The First Step to Business Succession
On the latest episode of Lessons by the Lake, we're diving into the first step in the business succession process, Estate Planning.
Joined by Justin Martin, President, Shareholder and Attorney at Myatt & Bell, P.C., we'll examine the countless considerations residing within estate planning for business owners in today's day and age, as well as some best practices utilized.
This episode is packed with helpful information for business owners and you don't want to miss it! Enjoy!
Chapters:
0:00 - Introduction and overview on the topic of the day
3:22 - Welcoming Justin Martin to the show
4:58 - Justin's background and road to estate planning services
8:19 - You can still have a role in your business when you're helping your successor
10:55 - Goals of succession planning
13:07 - The process of the business transaction
16:14 - Who is buying your business?
21:58 - The more complex your business, the bigger the need for a systematized approach
25:36 - What happens when the surviving spouse dies?
32:16 - An overview on the taxes associated with estate planning
39:26 - Strategically positioning your estate to maximize the value
44:30 - How to get in touch with Justin and his team for more information
47:30 - Closing remarks
Connect with Bob Bedritis:
