The Other Side Of Potential Episode 126: Business Succession Planning

by Steve Goodman

CPA, MBA – President & Chief Executive Officer

Contact Steve today for more info.

What you’ll learn about in this episode:

  • Obstacles family businesses encounter when planning for the succession of their business.
  • The methods that Steven uses to help business owners navigate these obstacles.
  • Steven addresses the effect on a family unit when the leader or CEO of a family business falls ill or suddenly passes away.
  • Steven explains how people have (or haven’t) become more proactive in the era of COVID.
  • Hear Steven’s advice about life insurance and why not everybody needs insurance.
  • Those that 100% should have life insurance: young parents and primary income earners.
  • For those that are really wealthy, they can live comfortably off their assets, but there are also the perils of estate tax.
  • The questions you should be asking insurance brokers, like “Are you a broker or an agent?”
  • A lot of times, the financial products you’re sold won’t suit your needs; figure out what works.
  • While Steven recommends working with a broker, it doesn’t mean all brokers are trustworthy!
  • Hear the differences between life insurance offerings and how to avoid being underinsured.
  • Steven makes an analogy with investment; you don’t put all your money into one stock, so make sure you diversify your life insurance.
  • Some of the common mistakes Steven sees people make when establishing wills and trusts.
  • Picking a guardian for your children and a trustee: Steven goes over whether or not it should be the same person.
  • Steven cautions that people do stupid things when money comes into play; it’s human nature.
  • Why Steven recommends his clients revisit their estate plans or wills every three to five years.


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CPA, MBA – President & Chief Executive Officer

About Steve Goodman

For more than 30 years, Steven has provided insightful solutions to the challenges of business succession, wealth preservation and charitable planning, focusing on the needs of owners of closely held businesses and high net worth individuals.

He's been featured in the New York Times and is an accomplished speaker and has presented over the years to many organizations and professional groups on efficient business succession, estate planning issues and tax strategies. Steven is a CPA who was vice president of the Trust and Investment Division of JP Morgan Chase and a supervisor for KPMG Peat Marwick, and holds an MBA from Fordham University.

Email Steve today for the business succession planning you deserve.

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