On Episode 14, I speak with JR MacDonald, a 41-year veteran lawyer whose practice exclusively focuses on succession, estate and tax planning for business owners. This episode is for those of us financial advisors who are building or want to build a clientele of highly successful owner-managers. Although our conversation gets a bit technical at times, listen in for the anecdotes and insights from JR’s experience. He shares how we as advisors can truly be the quarterback in helping these owner-managers. By the way, the conversation also lends itself to advisors who are looking to create their own succession plans.
00:00→ Shyam welcomes JR MacDonald; JR’s background; finding success as an owner-manager
05:30→ The importance of goals and plans to achieve them; communication between owners, accountants, and financial planners for business succession
09:00→ Building client knowledge; tax planning; the importance of a good financial planner
15:00→ Get to know your clients and get to know their advisors
22:00→ What constitutes a successful business that can begin restructuring
30:00→ Different trust-related tax changes
36:00→ Closing thoughts