There are times when imagining the worst-case scenario helps you prepare most effectively for the best case. The transition of a family or closely-held business is one of those times.

Ask yourself, why is it that while Harvard Business School reports at least half of all companies in the US are family businesses - and just over half of all publicly listed companies in the US are family owned - that the most-cited family business statistic is from John Ward’s seminal study finding only 30% of firms survive through the second generation, 13% survive the third generation, and only 3% survive beyond that?

The Family Business Institute identifies a major cause as the failure to imagine and plan for worst-case situations that could dramatically affect not only ownership succession, but management succession planning and leadership development as well.

Your marriage isn’t working - you respect each other but have drifted apart over the years for whatever reason. Now you and your spouse have decided to divorce and close this chapter of your lives. You’ve heard the stories and perhaps witnessed a few horrors through friends or family who have divorced; that doesn’t mean you need to have the same experience.

If you have ever recycled at home, avoided products made overseas by sweatshop labor, grown your own vegetables, supported gender and racial diversity, or owned a fuel-efficient car, then you may be surprised to discover your investments can be working against your values. Do you know what’s in your portfolio? How can you find out what your money is supporting?

Your annual physical checkup and health screenings are scheduled. Your dental checkups, and perhaps those for your spouse and children, are on your calendar or smartphone. Yet many people fail to schedule time for a regular financial health checkup. 

Whether you prefer to block out some time each month or review your financial goals annually, here is what you need to do at least once a year to make sure your money is working hard for you, and that you address the goals most important to you and your family.

Retirement plans demonstrate the wisdom of the proverb “two heads are better than one” — a proverb that always brings to mind the music from the classic Sesame Street video. Now the “two heads” can be you and your spouse, or you and your financial advisor, but you can also benefit from encouraging a dialogue between the income-you and the spending-you.

Financial headlines can be hazardous to your sleep health in retirement. It is easy to get the jitters and start worrying that you should do something, anything but stay on your current financial course. Yet it rarely makes sense to panic and sell your holdings. Over the years I have developed a list of five ways to help you avoid the sleepless nights in retirement that financial headlines can bring.

At the wedding, who thinks those two little words ”I do” might suddenly lead to the four words “I want a divorce.”? No one expects to get divorced. But now that you’ve heard (or uttered) those four words, what do you do?

Planning for retirement is typically something we think about when we approach our 50s and 60s. However, if you haven't done much (or any) financial planning by your 30s and 40s for your future, it's time for you to get your financial house in order. Remember, when building a house, you must first start with a solid foundation. The same is true for financial planning; get the basic foundation planning done now so as you build your financial future, your structure will be strong.

If you asked earlier generations what their biggest fear was – they might have answered, “dying too young.” Asking that question today would probably get you the exact opposite answer: “I’m worried about outliving my money.” It’s a fear that is shared by many – even wealthy individuals. According to the 2019 AICPA Going Broke Remains Top Concern in Retirement: Survey of CPA Financial Planners, more than 41% of CPA’s indicated that running out of money was clients’ #1 concern.

Surprisingly, dealing with sudden wealth can become a nightmare. Learn the five steps you can take immediately to successfully manage the financial and emotional crises that can come with sudden wealth.

People come into financial windfalls in a number of ways:

• Lottery
• Sale of Business
• Stock options
• Inheritance