How Do You Plan for the Succession of a Business?

October 14, 2024 • Mark Riepe
Austin Jarvis joins Mark Riepe to discuss succession planning for business owners and the unique challenges faced when keeping a business in the family or selling to a third party.

After you listen

In this episode of Financial Decoder, host Mark Riepe delves into the key aspects of succession planning for business owners, including how our behavioral tendencies may influence the decisions we make around a business's future. 

He's joined by Austin Jarvis, a director of estate, trust, and high-net-worth tax at the Schwab Center for Financial Research, to discuss the unique challenges faced by business owners when keeping a business within the family versus selling to a third party. Austin highlights the need for proper documentation, the role of specialists, and the impact of cognitive and emotional biases on the different steps of the process. He references real-life examples that illustrate the complexities of business transitions, underscoring the necessity of a well-thought-out succession plan.

Resources mentioned by Mark in the episode:

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