Like what? What do you mean?

It's tremendous.

Um, you know, like, um, sometimes a, a l- a liquidity event will create a...

The person will already have a taxable estate, but let's say, you know, they're valuing their business and right now they think their business is worth X, but when they actually go to market, they find out that it's worth multiples of that.

Could put them into a taxable estate issue.

And sometimes some pre-work maybe a year before, two years before, three years before, um, can- You might be able to put together a structure that could help to transact.

Some of, some of that transaction would go straight into your children's hands.

Um, so if you wanna sell your business and get the right valuation for it, how long does it take? Like a year of preparation? And what are some of the things you have to do to, um, make your business sellable?

Like what? What do you mean?

It's tremendous.

Um, you know, like, um, sometimes a, a l- a liquidity event will create a...

The person will already have a taxable estate, but let's say, you know, they're valuing their business, and right now they think their business is worth X.

But when they actually go to market, they find out that it's worth multiples of that.

Could put them into a taxable estate issue.

And sometimes some pre-work maybe a year before, two years before, three years before, um, can You might be able to put together a structure that could help to transact.

Um, so if you wanna sell your business and get the right valuation for it, how long does it take? Like a, a year of preparation? And what are some of the things you have to do to, um, make your business sellable?

Mm-hmm.

So they'll go back to whatever they're doing, and that, that is just foundational.

Like, um, again, a simple example is if I always go to McDonald's and I always eat a hamburger for lunch, but I wanna be more healthy, I have to switch to maybe cooking and bringing my lunch.

But you know what? If I don't like it, I don't love what I'm eating, and it's a pain in the neck to make it, guess where I'll be in about six weeks? Back at McDonald's, right? Because it's, it's not my new norm.

I don't emotionally attach to it.

And if I don't emotionally attach to it, I have to think about it and make myself do it every day.

I'll get tired of that real quick.

Hmm

Here's what you need to get over and here's what you need to do.

Communication is a really interesting thing for people to navigate.

And if you're an owner of the assets, I think that there's a... big risk i'll say could be a fear but it's a risk to open up what you're thinking and understand try to share that with other people because you're worried about their reaction are you are you leaving You know, we don't want that to anybody to think you're leaving because, gosh, they may kick you out or they may go, oh, you know, I'm ready.

I'm entitled.

So what are the if we start telling people things like I might be thinking about leaving or those kinds of things, I think there's a risk in leaving.

how the other people react to it.

And that creates a fear and it makes people stop and they will not talk about it, right? They will not say anything about it.

Describe preferably a real estate scenario where you were able to achieve the ideal outcome with your client.

So what does that collective direction look like? We'll run through on a super high and fast level, um, some of the different points on this compass.

Yeah.

So the Transition Compass, um, many years ago when I was working, I found that people jumped into the how and how much, and that was where they started.

And when you do that, there are almost an infinite number of directions that you can go to get through a family transition.

So we built this compass and starting with the four Ws, the why, the what, the who, and the when, um, then going to the how and how much really streamlines things, and it also allows you to bring in, um, others so that you can understand and get a collective why and a collective compass.

So we're gonna-- We don't have enough time to go through all of these, um, because we have a tool for each one, but we're gonna dive into two of the tools today.

And so let's, um, we'll go through the definitions, and then we'll go into the why.

And so you can start to see where there's alignment and where there's not, and the next generation gets support to understand what's really important to them on that level, and that's through this tool called the objectives matrix.

Elizabeth, what was your perspective? And you probably didn't expect to find somebody so young that was going to take an interest in this and seem like a good parsnip.

Yeah, you know, I had no idea when I started my transition strategy and my plan.

I was just kind of walking down the road trying to do what I thought would be good for me and, you know, kind of walk the road that I help others walk so that I was able to do that.

And when I...

I think that if I hadn't done my work and that reflective work and the foundation of it started with my team saying, hey, you know, what's going to happen if something happens to you? What happens to my job? You know, what happens to our clients? What...

You know, who's going to take over? And so that was a foundation of starting it.

But then as I walked through it, I've developed a lot of intellectual property and also purchased some as well and then added to it.

Other than timeframe, what does that refer to?

... um, what i- what is that human element, and how can you, how can you start to incorporate it- that into the planning?

planning?Yeah.

So, so as you, as you walk through, um, and this is just some work that we've done in the past and some different tools that we've come to learn and know and trust that they work.

There's...

In my opinion, what you're trying to do is figure out the collective why.

So if you have one business owner who's thinking about transitioning, you only have one person that you need to understand your why, but even that one person may not have taken the time to understand what they truly want.

Like what are they truly trying to achieve in a business transition? So if I'm the owner founder, that would be step one.

Hmm