What is Family Business Succession Planning? | 794

Inside BS Show with The Godfather and Nicki G.

"You don’t choose a king to run your business. You choose someone who earned the throne." – Dave Lorenzo

What You’ll Discover Today:

If you're a family business CEO, this episode is essential listening. Dave Lorenzo breaks down the five critical things every family business leader must understand before creating a succession plan. From tax consequences to cultural leadership, this is not just about retirement—it’s about protecting your legacy.

Key Topics Discussed:

• The Real Definition of Succession Planning
  It’s not retirement planning—it’s contingency planning. Dave explains how to build depth in every leadership role to prepare for short-term absences or permanent transitions.
• Why Family Ties Complicate Leadership Transitions
  Being family isn’t enough. The next CEO must earn the position through merit, experience, and credibility. Dave outlines what that means in a real-world family business.
• Culture Is a Leadership Legacy
  Transferring leadership also means transferring responsibility for culture. The next leader must connect deeply with the team and lead from the front.
• The Tax Angle You Cannot Ignore
  Dave emphasizes the need to engage a tax expert and estate planning attorney early. Succession has significant tax implications for you, your company, and your successor.
• Why Transparency Builds a Strong Bench
  Communication with your team is the glue that holds succession planning together. From performance reviews to role readiness, your leadership team must always know who’s next.

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