Family Business Succession Planning with Steven Goodman
In This Episode:
Steve Goodman recently wrote a book on Business Succession Planning. He wrote it for all business leaders, including chapters specifically written for family business leaders.
We all die. The goal isn’t to live forever, the goal is to create something that will. –Chuck Palahniuk
This quote is perfect for family business leaders, isn’t it? It’s a reminder that no one among us is going to live forever, and perhaps, living and ruling forever should not be our goal. Instead, creating an enduring legacy- something that continues long after we are gone- is the point.
Please enjoy this episode with Steven Goodman.
Here are the questions I asked Steve:
- What do you need to be successful in transferring the business? Why is a business succession plan important?
- What are the components of a good plan?
- Why is a valuation important for a family business?
- Selling to a third party– why is this thinking advisable even if you plan to sell it to your kids?
- What are pros and cons of having minority shareholders?
- In your book, you talk about preparing and protecting heirs– what do you mean by that?
- One of the ways to protect heirs from each other is to have a buy-sell agreement, if you agree, what does a buy-sell agreement look like? What are the considerations?
- Let’s say you sell the business, what’s next?
Steven Goodman CPA, MBA
SHG Planning Inc
For more than 20 years, Steven Goodman has provided insightful solutions to the challenges of business succession, wealth preservation and charitable planning, focusing on the needs of owners of closely-held businesses and high net worth individuals. He currently serves over 200 clients. Steven Goodman has authored numerous trade articles for leading trade journals, and has paired with some of the most respected names in banking and finance-among them JP Morgan Chase – to sponsor some 150 seminars about business succession and wealth preservation. His accomplishments have brought the attention of such publications as the New York Times. Steven Goodman is a CPA who was vice president of the Trust and
Investment Division of JP Morgan Chase and a supervisor for KPMG Peat Marwick. He holds an MBA from Fordham University.
Steven H. Goodman CPA, MBA
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