Are your family business and wealth prepared for major transition?
Everything is in transition. Look around … Business is in transition. Family is in transition. And the thing that no one wants to truly admit … wealth is in transition. You will be faced with some very difficult choices in the months and years to come.
Now is not the time to bury your head in the sand and pray that challenges in your family business will magically work themselves out. You must be strategic. You must put your family first. You must make the right decisions now to prepare for the future.
If you don’t, transition will hit you like a major league baseball swing to the back of your head. You’ll be left unconscious, broken, flailing to survive, being dragged under by the overwhelming weight of your business on your life and your family.
How do you navigate change like this in your business?
First, you need the real truth about family business longevity. The fact is, ninety percent of family business are wiped from the face of the earth by the third generation. Only forty percent even survive making it to the second generation. The numbers are not in your favor.
To make matters even worse, wealth management awareness is quickly fading and many of your family members who are involved with the business may not have a strong understanding about the value of a dollar. While you’re fighting with your family members about minor business issues, your wealth is being eroded quickly by poor, uninformed financial decisions made by those closest to you.
All this can make trying to position your family business and your wealth for transfer to the next generation a nightmare! But luckily for you, there’s now a solution! If you’re looking to not only weather the storm but thrive in your family business, then this book by Wealth Transition and Family Business Expert, David Werdiger, reveals how every family business owner can understand how to position their family business and wealth transfer for success.
Download and start listening now!