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How a Family Business Can Build Generational Wealth
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On this week’s episode of THE FINANCIAL COMMUTE, host Chris Galeski welcomes Wealth Advisor Joe Seetoo to discuss building generational wealth as a family business.
Here are some key takeaways from their discussion:
- Small businesses are the cornerstone of the American economy, and 90% of American small businesses are family owned.
- About 70% of family businesses do not get passed down to the second generation successfully. Succession is difficult because there are so many complicated dynamics to navigate. Not only are there familial relationships to consider, but employees who are not related to the family that have a sense of ownership and passion for the company who need to be treated fairly.
- Implementing leadership training for the next generation and having more structures in place to ensure everyone is well-equipped and understands the shared vision is crucial.
- Assembling the right team with financial experts, estate attorneys, and exit planning advisors can increase the likelihood of a successful transition. Professionals can also help guide your children should they inherit a lot of wealth in how to best handle their new assets.
- It is important to have regular conversations with your family/team as a business owner and clearly communicate your intentions.
- If you or someone you know is thinking about a business succession, visit our Strategist offering page to learn more about how we can help.
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