FACT – 70% of all wealth transitions from one generation to the next, fail. These number grow to over 90+% for the following generations.
Importantly, we know that in 95% of these cases, the wealth transition failures are caused by one or more of the following “family dynamic” factors including lack of trust within the family, communication issues within the family, the next generation not being prepared or a lack of a clear purpose of the family’s wealth.
Family dynamics play a much greater role in successful wealth transfers than previously understood. There is a reason behind the saying…”Shirtsleeves to Shirtsleeves in three generations”.
Key to success is preparing the family members today for their roles and responsibilities tomorrow. Part of that preparation is giving family members responsibilities in relation to the family’s assets, whether or not that involves a role within the business.
Join Brad Scott and a panel of family business leaders as they examine the relationship between the family office and family dynamics.