Episode 7

Published on:

14th Jul 2021

Advice You Can Trust - Episode 7 (Five Mistakes of Successful Family Businesses)

In the latest installment of Advice You Can Trust, James and Ryan dive back into the family dynamic, specifically challenges facing family businesses today. Through discussing these challenges, James has uncovered five specific mistakes that successful families are making.

Despite being a successful family business, oftentimes, unforeseen issues can arise without proper planning and wealth management overall.

So sit back, relax, and enjoy another enlightening conversation that is bound to leave you considering whether or not your own family business is making these critical mistakes!


0:07 - Overview on today's topic

2:05 - How important wealth planning is for family businesses overall

3:21 - The risk for mistakes to arise along the way

4:40 - What traits should a family business be looking for in a wealth manager

6:10 - The mistake of relying on one specialist or technician that is hyper-focused on a single element of wealth planning

7:40 - Mistakes surrounding succession planning and philanthropic goals

9:00 - How secretive communication can create issues within a family business

10:50 - The mistakes surrounding the area of wealth protection

12:30 - What a family business should do to ensure their wealth plan isn't outdated

14:30 - Not being aware of the nuances surrounding entrepreneurial philanthropy

19:33 - Closing remarks

Connect with James Nichols:



Show artwork for Advice You Can Trust

About the Podcast

Advice You Can Trust
Let's Move Forward. Together.
Welcome to Advice You Can Trust, where we explore an array of topics surrounding wealth management and the lessons that can be learned from super rich individuals, families, and businesses as a whole.

Listen as James Nichols, Wealth Manager at Cumberland River Group, taps into years of experience in working with clients to provide highly customized advice, investment solutions, and financial planning services. Dedicated to his clients, James prides himself on the relationships he has nurtured over the years.

Each episode we'll dive into new financial topics and provide enlightening conversations full of advice you can ultimately trust and apply to your own best practices.

Thanks for joining us. Now, let's move forward together.