Total Money Magnetism Review

1
True Meaning of Success
In a family enterprise, succession occurs when
the family business owner/ leader/ founder passes
away, becomes incapacitated, exits the company or
retires. You can never start too early in
planning replacements along with succession and
continuation contingency planning. Having
explained the various areas and issues to
consider when planning for future Company
leadership and management, we will now examine
the importance of Operating Authority Planning
how this authority will pass from one generation
to the next when planned for, as well as, putting
in place emergency, contingency authority
planning when the family business's leader and/
or top management suddenly departs.
2
Sudden Departure Planning Sudden death or
incapacity in a business's upper leadership
echelon can be paralyzing if not properly planned
for. It is very important to consult an
experienced Certified Financial Planner, Estate
Planning Attorney and Business Accountant to
ensure a Business Continuation Financial Plan is
in place, which sets up the necessary wills,
trusts, insurances, investments and other
vehicles to ensure the business can have a
successful financial transition. This is often
accomplished with Key Person Life Insurance and
Disability Insurance. It is very important these
advisors work in concert with the Company's
Business Consultant, Financial Consultant and
Business Attorney so that the Business Succession
and Continuation Plan link both Management
Leadership Planning with the Operational
Authority Planning.
3
Planned Departure Planning As previously
discussed, there should be a Leadership and
Management Continuation Plan in place. This
ensures a smooth transition and can be overseen
by the Company's Board of Directors. This
Departure Plan will kick in automatically with
the Operational Authority Plan if a sudden,
unplanned Leadership Departure occurs. The
Continuation and Succession Strategy should be
implemented in stages so the existing Company
leader can ensure a smooth transition. Having
finances in place to take care of any dips in
sales and profits during this transition is key
and should be part of the plan.
4
Imagine this scenario... You spend years working
hard to succeed. During these years, you have
some success, mixed with lots of false starts.
But you never really reach the level of success
you dream of. And then something shifts.
Everything begins to work, and your fame and
fortune take off. Here's the question Does
success Total Money Magnetism Review change you?
Does becoming successful cause you to think and
act in a different way? Understanding the answer
the answer to this question has significant
implications for your future. The answer is "yes"
and "no". We need to examine success' effect on
us at both a professional and a personal level.
Professionally, success definitely changes us. It
causes us to think and act differently. It causes
us to become more creative, seeing opportunities
where we never saw them before.
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