Families in business seem to worry most about sharing their values, responsibilities, family stories, and know-how being passed on to the next generations. Most technically oriented advisors focus on transferring of wealth in a tax efficient matter which is important, but not much of that matters if other issues get in the way. Sometimes if problems arise:

– the family tears itself apart,
– wastes the money,
– embarrasses the family name, and
– squanders what past generations worked so hard to build as a family culture and legacy.

Many families are afraid that the true loss to the family (not the money lost), is either the family staying connected and preserving the principles and values that lead to the wealth being created in the first place.

The family values are often more important than the money itself.

What values are you sharing with the next generation in the family and how are you doing this? These are conversations that require time, patience and thoughtfulness.

Learn, think, apply!