Planning Wisdom of the Super Rich – The Five Mistakes of Successful Family Businesses

In the most recent installment of Planning Wisdom of the Super Rich, Devang and Ryan highlight the five key wealth planning mistakes made by successful family businesses today.

Running a successful family business requires a tremendous amount of both working hard and working smart. The dynamics can be ever-changing, and it takes ongoing efforts to ensure all issues are mitigated along the way. Throughout Devang’s experience in wealth planning, he’s spent time with a number of family businesses and helped them avoid these critical mistakes.

So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business!

Timecodes:

0:06 – Overview on today’s topic

1:43 – Why wealth planning as a whole is vitally important for family businesses

3:03 – There are numerous ways for families to be derailed by wealth planning mistakes

4:47 – What family business owners should be looking for in a wealth manager

6:00 – A second wealth planning mistake family businesses make

7:45 – The third wealth planning mistake

9:36 – The fourth mistake of failing to keep your wealth planning accurate and up-to-date

11:30 – What families should be doing if their wealth plan is outdated

12:24 – The final mistake Devang is seeing family business make

13:38 – Closing remarks

Connect with Devang Patel:

Virtus Wealth Solutions

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