How Good Are Your Instincts?
As a successful entrepreneur, you probably have great instincts honed through years of experience. You’ve known the ups and downs of running a business and this has made you good at reading people and situations.
How will your instincts contribute to the successful transition of your wealth to the next generation?
Is More, Better?
The more wealth you leave your heirs won’t give them more security because without a wealth management process, they just have further to fall.
More money without a plan will increase the burdens of wealth and will saddle your heirs with guilt.
Your Instincts are Valuable
As a successful entrepreneur, your instincts and experience are probably your most valuable traits. Unfortunately, your kids do not inherit those traits because they are intangible parts of your personality.
Your kids don’t inherit your instincts because they didn’t live with the same circumstances as you did, and they don’t have the same experience as you do.
You’re a Role Model
Your kids will learn from your leadership. If they see you managing your finances by “shooting from the hip”, they will likely do the same. But since they don’t have your instincts and experience, they may become prey.
If your wealth management process relies on your instincts alone, you’re setting up your heirs for failure.
Different Skills Required
The skills used to create wealth are different from the skills used to transition wealth to the next generation.
Can your heirs build on your financial legacy without a plan from you? Sure, they can, because they might be thoughtful capable people that possess the strong moral values that underpin your own success. But why leave it to chance? Without a plan, your heirs are flying blind.
Not Just Your Instincts
Your heirs need a wealth management process because they can’t rely on your instincts once you’re gone.
Families who successfully transition wealth through multiple generations do so by passing down a wealth management process.
As a successful entrepreneur, your job is to create a wealth management process and the job of future generations to build upon and refine your wealth management process.
Whose Responsibility?
If you’ve created wealth for your family, it is your responsibility to create a wealth management process for your heirs.
Entrepreneurs might find it hard to put their egos aside and submit to making financial decisions in a process-oriented way. You’re used to relying on your instincts and experience because after all these are what helped create your wealth in the first place.
But the skills used to create wealth are different from the skills used to transition wealth to the next generation.
Family Office Advantage
By using a family office to create and support your wealth management process, you ensure your heirs will not be left up the creek without a paddle. Since a family office has the genuine care and experience transitioning wealth to future generations. We can show you how to create an everlasting wealth management process that supports your continued legacy.
As an entrepreneur, your experience comes from your business success. A family office builds upon your legacy by making it stand the test of time.