The EntreLeadership Podcast When Grandpa Dies, I Get the Business (Should I Wait?)
6 snips
May 26, 2025 A grandson is caught in a tug-of-war with his grandpa over innovative ideas for the family business. A businesswoman hunts for an insurance loophole to cut costs. A leader fears for her company's legacy, while another owner grapples with the best place for a $100,000 emergency fund. The discussions unveil the complexities of family business transitions, the impact of generational perspectives, and strategies for sustainable growth amidst challenges. Plus, financial tips for maximizing returns on emergency savings.
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Assert Control in Family Business
- Clearly separate business ownership and operational control when multiple family members are involved.
- Maintain your authority in your business area and limit influence from unrelated parties.
Vehicle Leasing Doesn't Save Insurance
- Leasing company vehicles to the company doesn't reduce insurance risks or costs.
- Insurance depends on usage and driver risk, not ownership structure.
Plan Vet Practice Succession Early
- Start planning gradual succession by training and possibly selling your vet practice to another veterinarian.
- Avoid sudden transfer at death; build bench depth and consider corporate sale as last resort.