Better Questions for Business Succession with David Foster (Ep. 10)
Business owners often spend years building successful companies but very little time preparing for what comes next.
Whether they’re considering a sale, passing the business to family, or simply planning for the future, the questions asked early can shape every decision that follows.
In this episode, Vincent Munno welcomes David Foster, Senior Advanced Planning Attorney at Simplicity, to discuss why business owners are often unprepared for succession planning, estate planning, and liquidity events. They explore how financial advisors can build stronger client relationships by asking thoughtful questions about family, business goals, charitable intent, key employees, and long-term priorities instead of leading with strategies.
They also discuss private equity activity, business valuations, creditor protection, and planning opportunities that can arise years before a business is sold.
Key topics include:
- Asking discovery questions that uncover family goals before recommending planning strategies.
- Why business owners often begin exit planning later than they should and what advisors can do.
- Private equity activity creating new planning opportunities for closely held businesses.
- Protecting family wealth through thoughtful estate and creditor planning.
- Building lasting client relationships by focusing on people before products.
- And more!
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Connect with David Foster:
About Our Guest:
David Foster is Senior Advanced Planning Attorney at Simplicity, where he focuses on estate planning, business succession planning, and charitable planning. He works closely with financial advisors and business owners to help them prepare for business transitions, preserve family wealth, and address complex planning needs. Throughout this conversation, David emphasizes that meaningful planning begins with asking thoughtful questions about a client’s family, goals, and concerns, helping advisors uncover opportunities and build lasting relationships before recommending strategies.
This podcast is provided for educational and informational purposes only and is intended specifically for financial professionals. The content discussed, including specific case studies or strategies such as premium financing and estate planning, does not constitute legal, tax, or investment advice. The opinions expressed by the host and guests are their own and do not necessarily reflect the views of their respective firms. This content is not a recommendation to buy or sell any specific security or to adopt any particular investment strategy. Financial professionals should conduct their own due diligence before implementing any strategies discussed. Past performance is not indicative of future results. 5881771-0826
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