21 min

Advice You Can Trust - Episode 7 (Five Mistakes of Successful Family Businesses‪)‬ Advice You Can Trust

    • Investing

In the latest installment of Advice You Can Trust, James and Ryan dive back into the family dynamic, specifically challenges facing family businesses today. Through discussing these challenges, James has uncovered five specific mistakes that successful families are making.
Despite being a successful family business, oftentimes, unforeseen issues can arise without proper planning and wealth management overall.
So sit back, relax, and enjoy another enlightening conversation that is bound to leave you considering whether or not your own family business is making these critical mistakes!
Timecodes:
0:07 - Overview on today's topic
2:05 - How important wealth planning is for family businesses overall
3:21 - The risk for mistakes to arise along the way
4:40 - What traits should a family business be looking for in a wealth manager
6:10 - The mistake of relying on one specialist or technician that is hyper-focused on a single element of wealth planning
7:40 - Mistakes surrounding succession planning and philanthropic goals
9:00 - How secretive communication can create issues within a family business
10:50 - The mistakes surrounding the area of wealth protection
12:30 - What a family business should do to ensure their wealth plan isn't outdated
14:30 - Not being aware of the nuances surrounding entrepreneurial philanthropy
19:33 - Closing remarks
Connect with James Nichols:
https://advisors.ubs.com/cumberlandrivergroup/ (Website)
https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

In the latest installment of Advice You Can Trust, James and Ryan dive back into the family dynamic, specifically challenges facing family businesses today. Through discussing these challenges, James has uncovered five specific mistakes that successful families are making.
Despite being a successful family business, oftentimes, unforeseen issues can arise without proper planning and wealth management overall.
So sit back, relax, and enjoy another enlightening conversation that is bound to leave you considering whether or not your own family business is making these critical mistakes!
Timecodes:
0:07 - Overview on today's topic
2:05 - How important wealth planning is for family businesses overall
3:21 - The risk for mistakes to arise along the way
4:40 - What traits should a family business be looking for in a wealth manager
6:10 - The mistake of relying on one specialist or technician that is hyper-focused on a single element of wealth planning
7:40 - Mistakes surrounding succession planning and philanthropic goals
9:00 - How secretive communication can create issues within a family business
10:50 - The mistakes surrounding the area of wealth protection
12:30 - What a family business should do to ensure their wealth plan isn't outdated
14:30 - Not being aware of the nuances surrounding entrepreneurial philanthropy
19:33 - Closing remarks
Connect with James Nichols:
https://advisors.ubs.com/cumberlandrivergroup/ (Website)
https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

21 min