If you run a family business... and you have a significant asset portfolio... and the intention is to create a legacy for your family, this is an impeccable resource.
Two UK-based, family wealth experts, accountant, Nicholas Charles, and lawyer, Antoaneta Proctor have complied a highly relevant overview of multi-generational wealth - where the intention is to pass that wealth on to the next generation, ongoing.
The primary worry is that research shows that '...90% of wealthy families FAIL to retain their wealth... beyond the third generation.' This means the family goes from 'shirt sleeves back to shirt sleeves within three generations.'
And unfortunately, unless you have the right plan, professional advisors and importantly, an impeccable family-focused, communication strategy, a wealth legacy statistically, tears families apart regardless of the amount.
In this concise book you will learn about the need for structuring a succession plan, especially as it relates to death and increasingly, diminished capacity.
You will learn about family retreats, family constitutions, family banks, philathropic strategies and how to manage a professional advisory team... but the central message is the critical importance of structured family communication. The underlying message is to take a proactive and prudent approach to multi-generational wealth, where an ounce of prevention literally IS worth a pound of cure.
If the goal is to transfer wealth harmoniously, this is an exceptional starting point.
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‘Generational Wealth - Charles, Nicholas, Proctor, Antoaneta’.
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