James Lavorgna, Founder of Spencer Advisory Services, Interviewed on the Influential Entrepreneurs Podcast Discussing Succession & Legacy Planning

James Lavorgna discusses building a sustainable future: succession planning and legacy strategies.

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-james-lavorgna-founder-of-spencer-advisory-services-discussing-succession-legacy-planning/

Succession planning refers to the process of determining the future owner of a business after the current owner exits. This can involve transferring the business to a family member or selling it to an outsider or group. It is crucial to establish governance and ideals to make sure that those of the future owners align with the culture and values of the business. Failing to do so can lead to conflicts and challenges during the transition process.

James Lavorgna emphasizes the significance of succession planning in maximizing efficiency and growth during the transfer. He highlights that without proper planning and governance, businesses often struggle to maintain success beyond the first generation. James mentions the adage “shirt sleeves to shirt sleeves in three generations,” indicating that businesses tend to decline and fall by the third generation if succession planning is not effectively implemented.

Additionally, James Lavorgna stresses the importance of cultural fit in succession planning. He points out that when one company acquires another, the cultures often do not align, resulting in a high turnover of employees. This underscores the need for careful consideration of cultural compatibility when selecting new owners, whether they are family members or outsiders.

James shared: “A lot of times when one company takes over another, they’re keeping everybody… six months later, three-quarters of the workforce is replaced. Why? Because the cultures didn’t fit. In a nutshell, that’s basically what succession planning is, getting the right people involved, training them, and making a smooth transition to the new owners, all while increasing the probability of the business.”

Overall, James emphasizes that succession planning involves not only identifying future owners but also establishing governance, ideals, and cultural fit to ensure a smooth transition and long-term success of the business.

James explained: “We make wealth simple for successful business owners and high net-worth families. Through the use of our virtual family office and team-based model, we turn complexity into simplicity. Valuable insights are drawn from years of experience, resulting in streamlined efficient planning that provides innovative wealth management and tax mitigation strategies! Whether you want to grow your business or exit your business, we help make the transition smooth.”


About James Lavorgna

Mr. Lavorgna started in the insurance business in 1976 and has been in the financial services industry for 45 years. He earned his Certified Financial Planning designation in 1984. He also has earned a Bachelor of Science in Finance, Juris Doctor (Litigation), Master of Laws in International Tax and Offshore Planning, and Master of Laws in Wealth Management and Private Banking. He has been in and associated with the investment industry since 1979. And is currently an Investment Advisor Representative of Forsyth Wealth Management, Inc. fee-only Registered Investment Advisor and licensed insurance agent.

He is also the Managing Member of Spencer Advisory Services, LLC, and a Certified Team Based Model Consultant.

He has spent his career consulting with successful business owners and high-net-worth families.

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