Over the next two decades, an estimated $84 trillion in assets will be passed down from the silent generation and baby boomers to their family, contributing to “the great wealth transfer”, according to a report by Cerulli. As owners look to transition their businesses to the next generation, it’s becoming increasingly popular that their millennial and Gen Z children want to carve their own path rather than take over the family business.
In this article, we illustrate how a family enterprise advisor (FEA) would work with family business owners to restore their family harmony, protect their legacy, and facilitate a smooth transition of ownership and wealth to the next generation.
An FEA can empower families navigating these types of transitions by facilitating open communication and collaborative decision-making, formalizing governance, and clarifying roles and responsibilities. They can help you achieve stronger, more productive relationships, proactively avoid conflict, and set your business up for long-term success across generations.
If your family business is currently going through a transition of ownership or you’re planning for one, an FEA can bring an invaluable perspective—contact us here.
