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Most family businesses take on the characteristics of their founder or founding family, especially in their formative years. This changes as the company grows and the founder begins to transition ownership and control to future generations. To guide the business succession transition forward on a successful path, there needs to be a family governance plan to establish a framework for joint decision-making among family members based on shared values, a common mission or purpose, and a collective vision for the family’s future.

Wealth coaching is essentially the study of one’s relationship with money and wealth. We all have a relationship with money, and through money messages that we learned at an early age, this relationship guides the majority of behaviors throughout our lives. Individuals and families who engage wealth coaches can benefit enormously across a broad spectrum of topics and issues as they participate in difficult conversations, learn about family systems, and devise governance strategies.

Most of the time when families gather, the focus is purely social—reconnecting, reminiscing, and “rest and relaxation” as a group. Occasionally, family members may also gather for limited financial management tasks, such as settling a loved one’s estate, or planning for how to manage shared assets such as land or a family vacation home. These family get-togethers are important to families no matter what their financial circumstances. For families with wealth, though, the need to connect can go beyond the social aspects.

Family offices can be complex, requiring forward thinking and collaboration on a variety of initiatives. Learn more about family office market trends that may impact your organization and key considerations to help you plan your strategy.

The big wealth transition is now underway, with ownership of more than 60% of family enterprise expected to be handed off within the next decade. With the input of business owners and Family Enterprise Advisors, this report takes an in-depth look at transition planning and how family business leaders can prepare their family, as well as their business, for this imminent transition of wealth, ownership and leadership.

As families transition into another year navigating the pandemic’s unknowns, the need to prepare for succession and practice decision-making is greater. In this Tolleson Insights podcast episode, Richard Joyner shares why prepping for a family’s future and helping eliminate the “what would happen if…” is essential.

Enterprising families are acutely aware of the threats and opportunities that influence their sustainability. Through the data and insights gained from this report, we aim to deepen the collective understanding and importance of the next generation and their hopes and intentions when it comes to their family business and legacy. This report also includes key questions and insights on the transition of ownership, including intentions, timelines, and perceived barriers to and within family ownership transition.

Most business owners know that proper succession planning can help keep their business running strong into the next generation. They understand the importance of creating a plan to prepare heirs and key employees to run the business when it is time. In taking a different approach and applying the lessons learned, a list of seven “worst practices” is provided to help families prepare for an unplanned business transition.