By Nathan Kublank and Mary Ellen Krueger, Aspiriant directors in wealth management and partners
The statistics on family business succession are striking. Only 3% survive to a fourth generation or beyond, according to Cornell SC Johnson College of Business.
If you have a passion for continuing the family business, chances are the current managing generation is equal parts thrilled, relieved and anxious. Thrilled because most family business leaders would love to see their children or other relatives continue their legacy; relieved because it allows them the opportunity to consider succession planning; and anxious because they may not yet be ready to embark on the next chapter of their own legacy. There are a lot of dynamics at play, but ultimately all stakeholders have the same end goal in mind — the continued success of the family enterprise.
Whether you’re a seasoned leader or still developing your skills, your role in your family’s business is critical to the company’s successful continuation.
Aspiriant is one of the country’s most respected independent wealth management firms. Many clients have created successful companies that have a significant impact on society, which has given them financial freedom. Aspiriant provides context and clarity to make informed and intentional decisions. A business plan crafted for their families’ goals and legacies helps inform a very personal process. Unlike niche firms, Aspiriant gives clients access to experts in all areas of wealth management, including financial planning, investing, tax strategy, estate planning and more. Our specialists collaborate to orchestrate every aspect of our clients’ complex financial lives for generations. Learn more about the Aspiriant client experience at aspiriant.com.
Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death tax. This ill-conceived tax has a destructive impact on families, family businesses, job creation, and the national economy.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Policy and Taxation Group is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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