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The Other Side of Potential
Over time, the conversations we choose to have begin to reflect what matters most.
If you’ve been part of this podcast, you’ve heard me speak about human development, systems thinking, and the ways we make meaning of our lives and work. That work continues—and remains at the core of my coaching and professional practice.
What has changed is the space where I am choosing to have a different kind of conversation.
After the death of my son, Michael, I felt called to create a more personal place—one that speaks directly to the experience of loss, and to the questions that emerge when life no longer looks the way it once did.
That space is now Beyond the Loss.
This podcast is for parents who have lost a child, and for those who support them. It is not about fixing grief or finding closure, but about understanding how we continue to live, to make meaning, and to become—after loss.
If you are looking for my current podcast,
you will now find me there.
I invite you to join me on Beyond the Loss.
You are welcome.
Spotify: https://open.spotify.com/show/6wqQ8MwCty4eJAiZ8VroUV?si=0b4c5d3bab6a4b64
The Other Side of Potential
Episode 126: Business Succession Planning with Steven Goodman
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For more than 30 years, Steven Goodman, President, and CEO of SGH Planning have provided insightful solutions to the challenges of business succession, wealth preservation, retirement, and charitable planning. He currently services hundreds of clients, focusing on the needs of owners of closely-held businesses and high net worth individuals.
Steven is the author of Business Succession Planning: A Guide to Transfers, Sales, Family Harmony, and Minimizing Litigation. He also has written numerous articles for leading trade journals and his accomplishments have brought the attention of such publications as the New York Times. He has paired with some of the most respected names in banking and finance to sponsor some 150 seminars about business succession and wealth preservation. On top of all these accomplishments, Steven is also a CPA, who was Vice President of the trust and investment division of JPMorgan Chase and a supervisor for KPMG, Peat Marwick.
He also holds an MBA from Fordham University and, in addition to his work with SHG Planning, he has been a Big Brother for the last 15 years and is very passionate about supporting charities that fund the education of underprivileged children. In this episode, you will hear from Steven as he shares his advice for planning the succession of your business, getting life insurance that suits your needs, and establishing wills and trusts, so make sure to tune in today!
What you’ll learn about in this episode:
- Obstacles family businesses encounter when planning for the succession of their business.
- The methods that Steven uses to help business owners navigate these obstacles.
- Steven addresses the effect on a family unit when the leader or CEO of a family business falls ill or suddenly passes away.
- Steven explains how people have (or haven’t) become more proactive in the era of COVID.
- Hear Steven’s advice about life insurance and why not everybody needs insurance.
- Those that 100% should have life insurance: young parents and primary income earners.
- For those that are really wealthy, they can live comfortably off their assets, but there are also the perils of estate tax.
- The questions you should be asking insurance brokers, like “Are you a broker or an agent?”
- A lot of times, the financial products you’re sold won’t suit your needs; figure out what works.
- While Steven recommends working with a broker, it doesn’t mean all brokers are trustworthy!
- Hear the differences between life insurance offerings and how to avoid being underinsured.
- Steven makes an analogy with investment; you don’t put all your money into one stock, so make sure you diversify your life insurance.
- Some of the common mistakes Steven sees people make when establishing wills and trusts.
- Picking a guardian for your children and a trustee: Steven goes over whether or not it should be the same person.
- Steven cautions that people do stupid things when money comes into play; it’s human nature.
- Why Steven recommends his clients revisit their estate plans or wills every three to five years.
Additional Resources:
Website: stevengoodman.biz
LinkedIn: linkedin.com/in/stevegoodmanshg
Email: sgoodman@shgplanning.com
Facebook: facebook.com/Steven-Goodman-CPA-MBA-106524757831496
Company: shgplanning.com
Links Mentioned:
Big Brothers Big Sisters of America: www.bbbs.org