Assuming that you have already built up a stable business that is supplying you with a steady income, then at the beginning of failing health or when you are contemplating retirement from the SFI business, take those whom you are wanting to inherit your business and show them what it is doing for you right at that time. Explain what you have done to get to that place and that this business will only make them money if they learn how to work it and do it. Then begin to train them. Be an awesome sponsor to them so they can have a role model to duplicate.
Then sign each of them up as your PSA. At this stage in your life each heir is probably living outside of your house. Start them from scratch and see how each one does. You will find the star in the group. And the loser. Begin moving your other PSAs under your heirs, keeping the best for yourself.
As the heirs prove themselves, finish reassigning your best PSAs to them. The final step would be to reassign the less qualified heirs under the best working heir, keeping that one best worker under you. This will insure that you will continue to have a steady income as long as you maintain BTL.
At the time of your death or total retirement, the top heir will transfer to your sponsor and you will be out of the loop with your heirs sitting in their positions. If they work as a team, the business will only get bigger. If they squabble, they will kill it themselves, and they lose.
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Assuming that you have already built up a stable business that is supplying you with a steady income, then at the beginning of failing health or when you are contemplating retirement from the SFI business, take those whom you are wanting to inherit your business and show them what it is doing for you right at that time. Explain what you have done to get to that place and that this business will only make them money if they learn how to work it and do it. Then begin to train them. Be an awesome sponsor ...more
