Business Succession Planning: Passing the Torch the Right Way

Episode Summary:

In this critical episode, Brian Chew explains why every business owner needs a succession plan—whether retirement is decades away or tomorrow is uncertain. The discussion separates estate planning (who takes control) from succession planning (what they do next), explores the three exit options (close, sell, or continue), and stresses documenting institutional knowledge, buy-sell agreements, and the surprising tax advantages of a step-up in basis.

 

Key Timestamps:

00:01 - Show Introduction  

01:00 - Why Start Succession Planning Now (Not Just for Retirement)  

02:30 - What Happens Without a Plan: Chaos and Lost Value  

05:00 - Step 1: Estate Plan – Who Instantly Takes Control via Trust  

07:00 - Step 2: Succession Plan – What They Actually Do on Day One  

08:30 - Three Exit Paths: Liquidate, Sell, or Keep Running  

10:00 - Biggest Mistake: Keeping Everything in Your Head  

12:00 - Coaching Families: Who’s Involved and Who’s Ready?  

14:00 - Key Legal Tools: Buy-Sell Agreements and Operating Agreements  

15:00 - Tax Surprise: Death Is Usually a Tax-Elimination Event (Step-Up in Basis)  

17:00 - Closing Resources

 

About the Show:

"Estate Planning Beyond the Binder with Brian Chew" goes deeper than documents to protect families, businesses, and legacies. Brian Chew delivers 25+ years of real-world strategies so nothing you’ve built is left to chance.