Counseling Your Clients from Business to Retirement-Counseling Your Clients from Business to Retirement

Counseling Your Clients from Business to Retirement - NAPFA Credit Only

Video Transcription

Video Summary

The video features three speakers: Rob Barnes, Dan Danford, and Kyle Danner, discussing the topic of counseling clients from their business to retirement. They explain that the video is based on a case study of a franchisee who owns 30 fast food restaurant locations and is 65 years old. He is in good health and has a second wife, four children, and a son who works in the business. The main concern for the franchisee is taking care of his second wife, and the advisors ask questions about his vision for the future, his role in the business, and his plans for retirement. The son's readiness to take over the business is also discussed, along with the relationship between him and his stepmother. The advisors emphasize the importance of setting expectations and having a well-thought-out family meeting to avoid future conflicts. They also discuss the need for protection, such as key person insurance for the son. Overall, the video highlights the complex issues and considerations that arise when counseling clients on transitioning their business to retirement.

Keywords

counseling clients

business to retirement

franchisee

son's readiness

family meeting

protection

key person insurance

complex issues

transitioning business to retirement