Today, it is my pleasure to speak with Kathy Parker & Seth Webber of BerryDunn, a leading national professional services firm providing assurance, tax, and consulting services to businesses, nonprofits, and government agencies throughout the US. Kathy is a Principal and the Practice Group Leader of the Outsourced Accounting Practice Group at BerryDunn Boston and Seth is the Head of the Valuation Services Practice Group at BerryDunn. Kathy and Seth, and their firm BerryDunn, are a valued resource partner of the FOX community, and we are proud to offer their expertise and thought leadership to our members.

In their work, Kathy and Seth advise many multigenerational families and, among the many challenges and needs they assist them with, succession planning is both the most common and most important priority they are working on. Kathy and Seth talk about what you they see among enterprising families who are planning or working on succession planning and identify the common themes and the key challenges and opportunities they are facing.

Each family is, of course, unique, but there are common patterns and archetypes, especially correlated with how advanced the family is in its multigenerational journey. Kathy and Seth share their observation of how succession planning and the key priorities and activities associated with family transitions vary based on where the family is in its enterprise journey.

From a practical standpoint, Kathy and Seth offer some of their tips and suggestions for families that are embarking on their succession journey, including how they should get ready for the process and prepare to engage the many advisors they will inevitably rely on.

Kathy and Seth also provide some practical ideas for families to utilize once they are fully engaged in the intergenerational succession and wealth transfer process. These include how they should work with the different expert advisors to create the many technical structures and documents that will govern the journey and its outcomes.

You would not want to miss this expert conversation with these two distinguished expert in the family wealth management and intergenerational transitions space.