In this episode, Dr. Friday emphasizes the need for business succession planning, highlighting its importance for S corporations, LLCs, and sole proprietorships. She urges listeners to document their plans, ensuring a smooth transition of assets and responsibilities in the event of unexpected circumstances. Proper planning can protect your family’s financial future and preserve your business. Don’t wait—make sure your succession plan is in place.
Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info go to www.drfriday.com. This is a one-minute moment.
We don’t talk a lot about it but business succession planning. If you’re dealing with a tax person you should also be talking about what will happen if something happens to you, me, or whatever. Do you have a plan that’s going to go in place that says this is how this is going to go? I want this person to take over the stocks if this is an S corporation. I want them to inherit the members if it’s an LLC. If it’s a sole proprietorship, how are you going to do succession planning? Is this all documented? Remember none of us are going to be here forever. We none know when it’s gonna happen so planning is the only way you’re gonna put more money in your family’s pocket if something happens.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.