MyMoney Online, Make Money Mondays

Succession planning for business owners 101 (it’s an act of love)

(Also read "How to plan the handing over of the family-business to the next generation".)

Business owners, typically, don’t often (ever?) think about succession planning.

Nevertheless, it is critical for their families, staff and customers that they do.

The Money Show’s Bruce Whitfield interviewed Barry O'Mahony, Certified Financial Planner and Founder of Veritas Wealth Management, for the weekly “Make Money Mondays” feature.

O'Mahony discussed the issues business owners need to consider.

He also ran through a few scenarios and gave advice on how to deal with the issues arising from them.

Scroll down for quotes from the audio below.

You need to run your business as if you’re about to sell it.

Barry O'Mahony

Don’t put your name to your business if you want to sell it.

Barry O'Mahony

Subscribe to our Business Wrap Newsletter

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Great ideas, wrong time

Great ideas, wrong time

The iPhone, Ebay and Facebook, we all know these killer applications but what about their very similar predecessors that flopped.

Best bank ad ever? Andy Rice reviews Investec’s “you’re more than data”

Best bank ad ever? Andy Rice reviews Investec’s “you’re more than data”

The Money Show’s Bruce Whitfield interviews the advertising expert about the best and worst new advertisements.

Save 20% on groceries (buying together is power!)

Save 20% on groceries (buying together is power!)

Struggling to make ends meet? Bruce Whitfield interviews Nokwethu Khojane, cofounder of group buying company Lakheni.

Is the qualification real? Check out this ingenious, real-time verification tool

Is the qualification real? Check out this ingenious, real-time verification tool

The Money Show’s Bruce Whitfield interviews Logan Attorneys Consumer Law Specialist Stephen Logan.

How to plan the handing over of the family-business to the next generation

How to plan the handing over of the family-business to the next generation

Planning for succession is a critical challenge family-owned businesses face. It’s also a great opportunity.

Why you should consider having a trust (and what exactly a trust is)

Why you should consider having a trust (and what exactly a trust is)

Having a trust is an act of love. Here’s what it is (and isn’t) and why you should seriously consider having one.

Popular articles
It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.

Pamela Nomvete on her downfalls as actress, and 'climbing back'

Pamela Nomvete on her downfalls as actress, and 'climbing back'

This week Xolani Gwala's speaks to former Generations actor Pamela Nomvete for #WhatInTheWorldHappenedTo feature.

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Meet the founder of Capitec Bank, named ‘Best Bank on Earth and Cheapest in SA’

Michiel le Roux speaks about the fascinating story behind the little bank that has the Big 4 shaking in their boots.

Best way to get richer (especially if you’re between ages 20 and 45)

Best way to get richer (especially if you’re between ages 20 and 45)

Still young(ish)? Consider the single best thing you can do to increase your wealth by much more than the inflation rate.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?

5 ways the NSFAS funding model will change in 2017

5 ways the NSFAS funding model will change in 2017

The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.