Publisher's Synopsis
The majority of family company owners and wealth creators have the same vital goal in mind: preserving their families and their wealth for many more generations. Many families implement a variety of structures, plans, and procedures to assure wealth continuity. These include estate plans (which may include numerous trusts), ownership succession plans, governance structures/strategies, and others. These occasionally intricate strategies are meant to protect family fortunes. In actuality, they don't for a lot of families. In reality, it has been estimated that the majority of estate plans that are in place fail, frequently due to disputes within the family or issues with communication. The distinctive family variables that can affect continuity planning aren't taken into consideration by too many one-size-fits-all and extensive continuity plans, according to author Philip Albert.
Philip goes into more detail on how laying the proper foundation will enable families to carry out the best continuity plans. Understanding the components that make up that foundation, evaluating their strengths, and coming up with plans to enhance them are all necessary for addressing it effectively.
The specific building blocks include:
- Choosing the best kind of proprietorship for your business
- Create Governance Structure that works for your business
- Difficulties and Deterrents in the Family-Run Business
- Commitment to Personal Development
- Effective Leadership of Change.
Only 30% of family businesses will survive to the following generation. Family conflict is often the reason why so many enterprises fail to pass on to the next generation, which causes issues for not only the affected families but also the entire global economy. Philip discusses the matter in Epic Life at Work. He offers helpful suggestions on how family businesses might create a culture that encourages keeping the family business in the family. He has first-hand knowledge thanks to his involvement in two enduring family businesses.
