May 19 2016

What’s Your Legacy?

by Beth Goshow, Communications Assistant

Yesterday we learned about “Ways to Retire While Preserving the Legacy for the Next Generation”. Thought leaders Paula Barrett from RKL and Andy Santana from Fox Rothschild, along with our own Jared Byas, did a great job encouraging attendees to first define their legacy. This is a difficult task that requires honesty, vulnerability and self-reflection. Click here for the worksheet to help you define your own legacy!

In addition, we discussed why it is so important for the Senior Generation to identify what their goals and needs are to maintain a viable future, as well as gaining the perspectives of the rising generation. With more clarity on these questions in hand, developing a financial plan that helps ensure the sustainability of the family business becomes a more manageable task, which is a key step in creating a Transition Plan.

There is a lot of information to navigate. Here are a few webpages from our sponsors that you may find helpful:

What Founders Should Know About Tax Planning For An Exit by Fox Rothschild
What Makes Your Business Valuable: Value Drainers by Reinsel Kuntz Lesher

Or a recent article from USA Today: Entrepreneurs, what’s your Exit Plan?

Make sure this process includes both the senior generation and the rising generation. Talking about your passions and hopes together makes developing a plan a shared process when you do so. Read 3 Family Business Transition Principles for more information!

If you need help navigating these steps, please contact our office! It’s our privilege to guide family businesses on their journey.

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