{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"015: Kids in the Business: When Personal Estate Planning and Business Succession Planning Collide","description":"In episode 15 of Absolute Trust Talk, Kirsten welcomes financial planning and investment professional John O\u2019Dea of Summit Financial Group to the show. John\u2019s focus is the wealth accumulation and protection needs present for individuals who own and operate a business. He has over a decade of experience working to simplify investment, insurance, and succession planning concepts. Kirsten and John start out by discussing how to begin business succession planning for parents who own a business and want to transition it to their children but may not have planned for it yet. The discussion then dives deep into analysis of each step \u2013 valuation of a business, what the parents need to retire comfortably, how to add other professionals into the mix, and how to make the process fair for children who might not work in the family business.    Big Three from Episode #015: Start with goals and objectives \u2013 normal planning goals and processes Solve for what mom and dad need or must get Then indicate key paths to take   Time-stamped Show Notes: 2:46 \u2013 John jumps right into discussing how he gets started when helping clients transition a business. 6:24 \u2013 John shares how vital the EBITDA\/MEBITDA calculations factor into cash flow. 8:45 \u2013 Kirsten asks John to share what other surprises arise in this planning. 12:12 \u2013 What comes after figuring out what the parents must get in order to step away from the business? 16:25 \u2013 What happens if there is a gap between what a client wants vs. what value there really is in their business? 18:10 \u2013 John discusses how to close a gap ensuring that assets last as long as needed. 28:07 \u2013 John shares how to communicate or incorporate transitioning parties. 31:53 \u2013 What are the most common conflicts in this process? 38:45 \u2013 How exactly do you transition a company to a new generation? 43:09 \u2013 John shares a couple of other common surprises uncovered when doing the business transition and succession planning.   Episode #015 Freebie: The Retirement Income Challenge Retirement is something that individuals and couples work their whole lives for. When you stop working, you still need to live \u2013 there are still monthly expenditures, but that paycheck disappears. In conjunction with this episode, Absolute Trust Talk guest John O\u2019Dea shares a key tool that he uses in his practice, The Retirement Challenge white paper. This document helps prospective retirees understand some of the challenges they are up against and describes some of the strategies available to address these challenges. Click here to gain exclusive access to your own copy of The Retirement Challenge white paper.   Resources\/Tools\/Links Mentioned in This Episode: Never Split the Difference: Negotiating as if Your Life Depended on It by Chris Voss and Tahl Raz Take the Next Step in Your Estate Planning Journey If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll: Learn about your unique situation and goals Answer questions about our services Determine if we're the right fit to work together  Visit https:\/\/absolutetrustcounsel.com\/scheduling\/ or call 925-943-2740 to schedule your free discovery call today. Follow and Review: We\u2019d love for you to follow us if you haven\u2019t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We\u2019d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select \u201cRatings and Reviews\u201d and \u201cWrite a Review\u201d then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast. Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications\u2014from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com. ","author_name":"Absolute Trust Talk","author_url":"https:\/\/absolutetrustcounsel.com\/podcast","html":"