CPA Trendlines Podcasts Nicholson, Fox: Exit Planning and the Psychology of Letting Go | Holistic Guide to Wealth Management
"No one wants to leave the IRS more than they have to."
By Rory Henry CFP®, BFA™
For CPA Trendlines
An estimated 10 to 12 million Boomer-owned businesses are expected to transition over the next decade. That’s a massive wave of planning, liquidity events, and legacy questions. Yet experts say most owners don’t engage advisors until they’re well into the deal process.
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“By the time they come to us, they’ve often already signed a letter of intent,” laments Randy A. Fox, CFP, AEP, founder of Two Hawks Family Office Services, on a recent panel discussion for contributors to my new book, Holistic Guide to Wealth Management. “That shuts the door on a lot of the strategies that could have helped them keep more of what they built,” Fox added.
Fellow contributor and panel discussion guest Christine Nicholson, author, business consultant, and exit planning specialist, has worked with hundreds of owners. She sees the same distorted view of reality cloud their thinking -- owners mistakenly assume their kids will take over and believe their business is worth far more than it really is.