In this episode of "It's the Bottom Line That Matters," hosts Jennifer Glass, Daniel McCraine, and Patricia Reszetylo dive into real-life wipeouts in exit and succession planning for business owners. The conversation uncovers cautionary tales—from family businesses that falter due to lack of planning, to well-intentioned owners who discover too late that "fair" isn't always "equitable" when it comes to passing the torch. Daniel shares stories highlighting the pitfalls of neglecting conversations with key stakeholders, while Patricia brings personal experience to emphasize the chaos that can erupt when clear communication is missing.

Together, the trio unpacks the essential steps every business owner should take to safeguard their legacy and protect their teams, clients, and families. They stress the importance of talking openly with family members, identifying all critical stakeholders—including lawyers, accountants, and even insurance agents—and making contingency plans for unexpected events. Listeners walk away with practical advice on how to avoid unintended consequences and ensure a smooth transition, no matter what the future holds.

Keywords: exit planning, business succession, family business, succession planning, business transition, business owner, business stakeholders, business exit, estate planning, passing on a business, generational business, dividing business assets, business legacy, unintended consequences, business partnerships, business mistakes, business continuity, stakeholder communication, business inheritance, selling a business, employee ownership, business planning, business transition planning, family disputes, business structure, financial advisor, insurance agent, legal planning, tax planning, business management, business equity

Key takeaways: Fair isn’t always equitable: Splitting a business evenly between heirs might feel “fair,” but it often leads to conflict and business instability if deeper conversations about roles and desires aren’t had.
Don’t skip the tough conversations: Involving ALL relevant stakeholders—family, key team members, advisors, and even in-laws—can surface issues before they become disasters. Ask tough questions early on.

Plan for the unexpected: Sudden events happen. Make sure successors can access what’s needed: payroll, customer info, bank accounts, and key-person insurance. Prepare as if you won't always be there.

If you’re thinking of the next step for your business, tune in to avoid these common wipeouts—and set your team (and family) up for success. 🚀
#successionplanning #exitstrategy #familybusiness #leadership #thebottomlinethatmatters