The Ascent - Wes Holland 2 5-23-26

The Ascent — hosted by Sam McGee of Crestmont Private Wealth — features attorney Wes Holland of H6 Law discussing business succession planning. The conversation highlights why a standard will is not enough for business owners and what steps they can take to protect their companies. Key takeaways: Wills only work when you're dead — powers of attorney and medical directives are often more critical, as they govern what happens if you're incapacitated but still alive. Only ~10% of closely held business owners have a true succession plan — the other 90% are unprepared. Short-term fix: Document day-to-day operations so a trusted employee can "keep the plane in the air." Long-term fix: Identify and develop key employees; consider giving them authority (and even equity) so the business can run without you. Buy/sell agreements matter — especially with partners, so no one is forced into a business relationship they didn't choose. Sam shares his own experience making Alec and Hannah Phantom Equity Partners at Crestmont for business continuity — and how it brought him tremendous relief. Book recommendation: Traction by Gino Wickman. Contact Wes Holland: h6law.com | [email protected]   Timestamp      Topic 0:00     Intro — Sam McGee welcomes Wes Holland 0:21     Why wills alone aren't enough for business owners 0:47     Business succession planning basics 1:25     Incapacity vs. death — who runs the business? 2:05     Steps owners can take to insulate themselves 3:11     The "flying the plane" analogy 4:15     Signs you have a problem: total control = total risk 4:36     Developing Gen 2 leaders — reluctance vs. results 5:36     Sam's experience: Phantom Equity for Alec & Hannah 7:39     The danger of reluctance to delegate 8:29     Back to the legal side: wills vs. succession plans 8:50     Only 10% have a real business succession plan 9:23     Buy/sell agreements and partner planning 9:53     Call to action + book rec: Traction by Gino Wickman 11:02  Closing — Crestmont & H6 Law contact info Original Air Date: May 23, 2026 at 8:30am as heard on Boerne Radio 103.9FM Contact:  www.crestmontpw.com  Alec Walker in Houston:  831-280-5288  Sam McGee in Boerne: 830-368-2898  See omnystudio.com/listener for privacy information.