Jeff Gould was a guest featured on The Business of Family Podcast hosted by Mike Boyd.
Click here to listen to full podcast.
Key Takeaways from the Episode:
- The ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly.
- There is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a “Shared Asset Ownership plan” that considers the variables of the next generation.
- The 3 phased process includes Discovery, Planning, and Implementation.
- Addressing the issue of Deferred Maintenance; the ‘Do Nothing Scenario’ and the ‘Do Something Scenario’
- 5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change
- Jeff’s advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation.
- Jeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member.
- Be respectful to everyone you encounter.