Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

Are You Doing Your Business on a Handshake Agreement? 🤝🤔

1 Dec 2023 · 1 min

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YouTube video (Richard Canfield, Dec 1, 2023) discussing risks of relying on informal 'handshake' promises in family business succession. Speaker recounts a personal story where trust between husband and father led to no written agreement or succession plan; lesson learned: set up a proper family trust and formalize agreements (credit to Henry).

Chapters

The most important thing I learned is there is no such thing as a handshake anymore. Unfortunately, my husband and his father were very, very close. My husband completely trusted his father's promises, and they never felt the need to put anything in writing. And there was never a proper succession plan. It was just a, you're going to get it all when I die. That's not how it works. And we didn't know that at the time. We were very naive about. And I think the most important thing that I have learned in all of this is to have the family trust set up properly, and that is thanks to Henry.