In this episode we interview Matt Moylan, who works for Thomas McGee. Thomas McGee offers risk management solutions for businesses and people in all capacities. Listen in as Matt discusses his role in the company and gives advice for young professionals and businesses of all sizes to start succession planning now.
Matt comes from a long line of educators and got an education degree himself. Matt found that through insurance he can have an impact on just as many people as an educator can, by being a resource and providing knowledge.
What does Matt’s typical day look like?
Matt typically works with an individual who owns a business or is in a management-type position in a company. He often helps people who have higher incomes and are juggling multiple plates. Matt deals with their personal assets, personal succession, and wealth transfer plan for their family. He also focuses on creating a liability and risk protection strategy for their business, and a succession of what that business looks like and how it can be implemented.
Is it true that businesses are not succession planning that well, and not preparing the next generation of leaders to take over?
Yes. Matt has found that a lot of businesses have a lack of strategic planning. It might be they never thought about it, never cared about it, do not even know about it, or just go day by day without thinking about their goals. A lot of times succession planning for large companies looks different and is more streamlined than small to medium sized businesses. There is a need to define what the plan is and what it looks like.
What is the risk to small to medium sized businesses if they do not have a good plan in place for the next 5-15 years?
The answer is in asking yourself the right questions. What does business scaling look like for them? Do they want to eventually sell? What if a partner wants to back out and sell their shares of the company? What if a partner passes away? Without a succession plan, these questions may be left unanswered.
What does a succession plan look like?
It is going to be different for every company, but the four key parts include a:
Matt consults businesses on buy-sell plans between partners. Key person coverage is important, which protects top employees. Disability between partners is also important. For a business with two partners, it is common to have between nine and twelve policies.
What can millennials do in the workplace to start a conversation and get succession plans in place?
Matt’s book recommendations:
- Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss: https://www.amazon.com/Never-Split-Difference-Negotiating-Depended/dp/0062407805
- Ten 10X Rule: The Only Difference Between Success and Failure by Grant Cardone: https://www.amazon.com/10X-Rule-Difference-Between-Success/dp/0470627603
- Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal by Oren Klaff: https://www.amazon.com/Pitch-Anything-Innovative-Presenting-Persuading/dp/0071752854
- The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller and Jay Papasan: https://www.amazon.com/ONE-Thing-Surprisingly-Extraordinary-Results/dp/1885167776
How to contact Matt: