IF 106: "The Naked Opus: Growing Your Family Wealth for the Long Term" w/Chris Delaney
Tuesday, October 13, 2020
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Episode 106: “The Naked Opus: Growing Your Family Wealth for the Long Term" w/Chris Delaney
In this week’s episode, Tracy speaks to Chris Delaney about his book, “The Naked Opus: Growing Your Family Wealth for the Long Term”.
The Naked Opus reveals a novel approach to estate planning—a more fulfilling, holistic, and purposeful way to pass your wealth onto your heirs and to ensure your wealth endures for generations to come.
We could not think of a better book to feature as part of our fall book series on The Impact Farming Show. With millions, if not billions, of farm assets needing to be transferred to the next generation, this book is the conversation that agriculture needs to be having.
In this episode:
- Chris shares his professional journey and how one day, after many years of successfully serving his clients he had a game-changing meeting with a client. What was this critical moment, you ask? It came one day after presenting a solid, technically based estate plan to a client that would save her hundreds of thousands of dollars in taxes. Chris was thrilled with the plan; however, he noticed that his client did not seem equally impressed. Chris asked her if there was something wrong with the plan, and she proceeded to tell him that while she was happy with the savings, the plan failed to account for her concerns on what this amount of wealth would do to the next generations. The problem? The estate plan was unable to account for the often-ignored "soft issues" of estate planning. His client wanted to create an estate plan where her wealth created a blessing and not a curse to the next generations. His client's feedback sent him on a mission. The result? Years of learning on how to create a more intentional and holistic estate plan. Word spread quickly, and Chris decided to write The Naked Opus, which shares a more holistic way to plan, manage, and steward your wealth to the next generation.
- Tracy and Chris explore how farm business owners spend a lifetime accumulating assets and building wealth, not only to make a good life for themselves, but also to create a legacy for their family. They discuss why the estate planning process is so often inadequate to the task of helping farmers steward this wealth to the next generation.
- Traditional transition planning tends to focus on technical aspects, such as tax planning and trusts, leaving farm families feeling unsatisfying, even hollow, and frustrated.
- Instead of seeing transition planning as strictly transferring monetary wealth, Chris and his book introduce the four main components that should be factored into a successful transition plan; Financial capital, intellectual capital, social capital, and human capital. Intrigued?
- Chris and Tracy do a deep dive into their favorite lessons within the book, including the shirt sleeves to shirt sleeves phenomena and why this happens.
The Naked Opus sets out to transform estate planning from a technical moment designed simply to transition assets, into a creative process that fosters stewardship and continues to generate wealth for future generations.
Are you a farm founder? Are you looking to transition the farm to the next generation and need some guidance? If so, you will not want to miss today's episode...
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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SHOW RESOURCES
The Naked Opus reveals a novel approach to estate planning - a more fulfilling, holistic and purposeful way to pass your wealth on to your heirs, and to ensure it endures for generations to come.
Make sure to grab a copy of this book today Click Here or enter to win your copy Here
Are you looking to find an advisor to help you with your transition planning? Here are two great resources to help you with your research:
Family Enterprise Xchange: https://family-enterprise-xchange.com/fea-directory/
Canadian Association of Farm Advisors: https://www.cafanet.ca/advisor-listing/
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Show Guest
Chris Delaney
Lawyer, Keynote Speaker and Author of "The Naked Opus"
“How do I get this wealth to my family?”
was the most compelling question Chris had experienced in his twenty-five plus years of wealth transition planning as an estate planning lawyer and business succession consultant. He immediately realized the client was genuinely fearful that the financial wealth they had created over their lifetime would do more damage than good to the well being of their family. They had doubts about the readiness of their heirs to accept the inheritance. Would this plan put the long-term sustainability of the family wealth at risk? They were deeply fearful that the opportunities of their financial wealth would be quickly wasted in the next generations of their family. Shirtsleeves to shirtsleeves in three generations would be their legacy. Disaster!
Connect with Chris Delaney - Twitter / Facebook / Instagram / LinkedIn / Website
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linked in
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