• Planning For The Mid - Stage Business Owner

  • Sep 13 2023
  • Length: 19 mins
  • Podcast

Planning For The Mid - Stage Business Owner

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  • Summary

  • Podcast Show Notes Introduction: Kathy and Becca discuss essential planning considerations for mid-stage business owners. Recap of the early stage planning, emphasizing the need for a basic estate plan. Key Points: Estate Planning for Mid-Stage Business Owners: Mid-stage business owners need a comprehensive estate plan, including a will, revocable trust, powers of attorney for health care and property, and an advanced directive. Emphasizes the importance of revisiting an existing estate plan to accommodate changes in family dynamics, business growth, and assets. Reviewing Liquidity Buckets and Financial Goals: Encourages mid-stage business owners to review liquidity reserves and assess financial goals. Discusses the significance of maintaining an emergency fund and considering education funds for children and grandchildren. Wealth Transfer Strategies: Advises considering wealth transfer strategies, especially due to the impending reduction in the exemption amount in 2026. Highlights gifting business interests to children as a viable strategy, emphasizing the importance of responsible wealth transfer. Retirement Planning: Recommends evaluating and possibly enhancing retirement plans for mid-stage business owners, considering the potential longevity and health. Discusses options for robust retirement plans beyond IRAs to secure a comfortable retirement. Business Transition Planning: Explains business transition planning and the various ways to transition a business, including gifting, selling, or a combination of both. Emphasizes the importance of ensuring a smooth transition, adequate compensation for employees, and evaluating key employees' roles. Preparedness for Unexpected Events: Advocates for being prepared for unexpected events, emphasizing the importance of ensuring the business remains sustainable in the absence of the owner. Conclusion: Reiterates the significance of strategic planning and preparation for mid-stage business owners to secure their business and financial future. Hosts: Dr. Kathy Gosser, YUM! Assistant Professor of Franchise Management and Director of the Yum! Center for Global Franchise Excellence www.business.louisville.edu/yumcgfe Rebecca McDade, JD - Attorney https://www.linkedin.com/in/rebecca-mcdade-86b8407a/
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