Episode: Proper Succession Planning with Donald White

Proper Succession Planning with Donald White


A business owner’s largest asset is oftentimes their business. This means succession planning is critical. In this episode of the WealthAbility for CPAs Show, Donald White joins Tom to help discover how to plan the succession of your business to benefit you and your clients.

Episode Talking Points:

04:03 – What’s the most common problem people have with succession planning?
06:18 – Is it better to leave your business too early or too late?
08:14 – How do you set up a succession plan so that employees and clients are successful when you leave?
11:50 – How do you determine if a successor is a good fit?
18:50 – How important are ‘processes’ in expansion and succession?
23:40 – How can you make transitions smoother for clients and yourself when selling to someone outside the firm? 26:00 – What are the three top things you need to do for a successful succession? Looking for more on Donald White? Website: www.donaldfwhite.com Book: “Always End with the Beginning In Mind: How Firms Remain Great After the Founder Exits”Federal tax law changes impacting wealthy individuals and families may become a reality. Preparation is fundamental in handling these changes. Joining Tom Wheelwright is Jim Cunningham, to help us discover how tax planning with trusts could offer protection against the Biden tax proposals.

Episode Talking Points:

03:15 – Why do CPAs need to be involved with your estate planning?
08:49 – Why should we prepare for things that might not pass into law?
12:35 – How long will it take to prepare? 16:02 – How important is it to have your accountant and attorney be in contact with each other?
24:56 – Is it already too late to start preparing for these policies?

Looking for more on Jim Cunningham?

Website: www.cunninghamlegal.com Book: Savvy Estate Planning

Donald White

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