How to Keep Your Family Wealthy
We are in the midst of a historic transfer of family wealth: Right now, $1 trillion is being passed to heirs every single year In all, Baby Boomers are expected to bequeath $30 trillion to their heirs over the next 30 to 40 years. But if history is a guide, this story won’t end well. In 70% of cases, family wealth does not make it past the second generation, according to Sloan Management Review. The old saying, “shirtsleeves to shirtsleeves in three generations” is all too accurate. Continue reading
When selling a business, owners time their exits for many reasons: health, retirement planning, availability or lack of family successors, competition, technology change and many more. Yet overwhelmingly the question most often asked of financial advisors by entrepreneurial companies is “what’s my business worth?”
Mark is smart and hardworking (eight years after graduating from USC he reached the rank of SVP at Smith Barney and was their leading retail stock broker in Orange County), but ultimately he lived life by his conscience – and he knew he wasn’t serving his clientele the way they needed to be served. Hard earned wealth, a family’s peace and comfort, the opportunity to impact the world through giving; these are no small things. Mark had worked into a position to manage critical life investments for many families, and he began to believe that they warranted more than a phone call every once in a while and a monthly check for more or less than average.