For many business owners and C-suite individuals, creating a cohesive plan that covers retirement planning, estate considerations, and business succession planning can feel overwhelming. Between complex subject matter, insecurities, time commitments, concerns of cost, and the emotional weight of leaving a legacy, it’s no wonder so many delay getting started.
On a recent episode of The Accel Advantage Podcast, Corey Rekers, Partner and President of Property & Casualty Insurance, sat down with Ryan Hervey, JD, Investment Adviser Representative with Accel Wealth Management, to discuss the three biggest barriers business leaders face when it comes to long-term planning and how to overcome them.
Barrier One: Difficulty and Complexity
Business owners are talented individuals. That doesn’t mean they should know how to navigate coordinating with multiple professionals, balancing family dynamics, the intricate web of tax strategies, trust structures, succession timelines, and more.
Many business leaders understand theoretically that they need to have an estate plan, but they’re busy people. And sometimes, the push to start doesn’t come from the owner at all; it comes from a spouse who sees the risks of inaction and becomes the driving force behind the planning process. Ryan always seeks to understand the point of view of everyone involved in a plan.
To make matters more daunting, many owners feel insecure discussing topics they’re unfamiliar with. Ryan’s advice: It’s okay not to know everything; that’s why you hire experienced advisors to help you. We don’t want to be the exclusive source of all information, but we do want to be your trusted guide. Once executives overcome the insecurity of knowing how to create a plan, it’s easier to start.
Barrier Two: Time
While complex business succession plans can span one to two years from first conversation to completion, Ryan emphasizes that the owner’s actual time commitment is often minimal. It’s not necessarily an active process for the business leader and their family.
Ryan stresses, “I always want to have a marriage between what we’re doing in our lives and what we’re doing after our lives are over. We want a cohesive blend there. All of it ends up impacting legacy, and the legacy is the thing you feel about someone.”
For example, a more detailed plan might require:
- A formal business valuation
- Revising estate documents
- Reviewing cash flow, budget, and personal spending habits
For non-business owners, a straightforward trust or plan can be completed in three to six months. The key is efficient, well-structured meetings that focus on your goals while minimizing disruption to your schedule.
Barrier Three: Cost
The cost of planning can vary widely based on complexity. Specialized strategies like ESOPs or special needs trusts can add more layers of expense.
Ryan points out that the goal isn’t always to build the “perfect” plan from day one. The right financial advisor acts as a loyal and valuable guide, helping you choose the right tools for your situation and making sure you understand the costs and benefits at every step.
With Ryan’s legal background, he balances looking for risk everywhere with empathy and transparency. He doesn’t take it lightly, as he states, “It is a really big deal to get to help people in preparation for those things and to reduce the amount of wear and tear and pain that comes from not doing this process well.”
What Now?
Whether you’re a business leader thinking about succession planning or an individual preparing your estate plan, working with an experienced financial advisor can help you protect what matters most, whether it’s your family, your business, or your legacy. If you’re interested in a complimentary 15-minute introduction meeting with Ryan, based in our West Des Moines office, reach out today.
Listen to the Full Episode
🎧 Spotify
🎧 Apple
🎧 YouTube
🎧 More options (Amazon Music, iHeartRadio, and more)
Read the accessible transcript (text version). We provide transcripts to ensure accessibility and a better user experience for all visitors.