Financial Planning Strategies for Business Owners

July 17, 2025

Running a business is hard enough. Add in family dynamics, and you’ve got a whole new level of complexity. In this episode, Rob shares the five biggest mistakes business owners make when it comes to passing on the legacy. He dives into what really causes things to fall apart, including lack of communication, outdated plans, and treating your family like spreadsheets instead of people. If you think a big number in the bank equals success, this one’s for you.

Rob also tackles the tricky stuff no one likes to talk about: when to sell the business, how keeping secrets leads to resentment, and why fairness sometimes matters more than tax efficiency. With stories from real families and his own personal experience as a father and business owner, Rob breaks it all down. This episode will help you protect what really matters, the relationships. Because the real legacy isn’t what you leave behind, it’s how you leave them standing when you’re gone.


Here’s what we discuss in this episode:

🧠 Why legacy planning isn’t just about numbers

📉 The real risks of secrecy in succession planning

🧭 When selling the business is the smartest move

💬 How communication avoids family conflict

📆 Why updating your plan is non-negotiable


0:00 – Intro

1:36 – Biggest myth business owners believe

2:31 – The biggest risks

7:37 – How we help (Relationship-driven financial advice)

8:58 – Importance of hiring a professional 



Helpful Resources:


Phone: 801-717-9237

Schedule your no-cost discovery meeting: https://www.axiowm.com/what-we-do

Get your copy of Rob’s books: https://www.axiowm.com/book

Let us speak at your next event: https://www.axiowm.com/speaking

Check us out on YouTube: https://www.youtube.com/channel/UCtidWpldZGUBLmr24oWy87Q


Subscribe & Follow The Show On Your Favorite Apps:
YouTube
Spotify
Apple Podcasts
Amazon Music
iHeart Radio
Podchaser

DISCOVER MORE...

By Rob Shelton January 29, 2026
On a family trip to New Zealand, Rob experienced that exact lesson, while digging hot tubs in the sand at Hot Water Beach.
planning for volatility
By Rob Shelton January 16, 2026
As we head into 2026, headlines are pulling investors in every direction, from fear to blind optimism
By Rob Shelton January 15, 2026
2025 brought plenty of headlines, but which developments actually mattered for your financial future? Rob looks past the noise to focus on the key factors that affected retirees and pre-retirees, explaining not just what happened, but how thoughtful planning helped keep things on track.
Show More