251: How to Prepare Your Business for Succession & Who Takes Over After You w/ David Edey

Black to Business

If you’re building something powerful with your business, you’ve probably thought about who it’s all for. But have you really planned for what happens to that business when you’re no longer in the driver’s seat?

Whether you’re just getting started or years in, thinking about the future can feel overwhelming, especially when it involves tough conversations about money, death, or legacy. But not having a plan is a risk too many Black entrepreneurs are taking, and it’s costing us the very generational wealth we’re working so hard to build.

In this episode, we’re joined by David Edey, a Certified Executor Advisor with over 40 years of experience in estate and legacy planning. David knows firsthand the cost of not having your affairs in order. After settling his own parents’ estate took seven years, $50,000 in legal fees, and a toll on his health, he made it his mission to help others avoid the same fate. He breaks down the critical steps every entrepreneur, especially Black business owners, needs to take to create a clear succession plan, protect their assets, and ensure their business can live on.

DURING THIS EPISODE YOU’LL LEARN:

• What succession planning really is and why it’s essential for your business from day one

• The real-life consequences of not planning ahead and why generational wealth stops without preparation

• How to start identifying and training a future leader within your business

• Why a will, a power of attorney, and succession plan are non-negotiables for business owners

• What role your digital assets and business documents play in protecting your legacy

Don't miss out on the resources mentioned in this episode by checking out the show notes at blacktobusiness.com/251

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