Most of the business owners and CEOs whom I coach acknowledge the importance of having ongoing meetings with their leadership teams. In these meetings, these executives can clarify their vision for the company, enhance communication, discuss potential challenges, and create tactical plans to execute company goals. Yet many of these same individuals are reluctant to have personal discussions with their families; as a result, they may be leaving their families and their financial futures vulnerable.
With the intergenerational wealth transfer expected to be $41 trillion through 2052, there is a critical need to ensure that members of the next generation are able to sustain their wealth in a responsible manner and maintain healthy family relationships. Unfortunately, research indicates that a majority of families believe that the wealth transferred after a patriarch's death was not ultimately used as he intended, did not last as long as it should have, or created negative feelings within the family.
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