Others believe, and rightfully so, that if they were to sell the business and/or successfully transition it to the next generation, there will be plenty of money to meet their retirement needs.
Bigger and more pressing issues for family business enterprise include topics such as succession planning, family governance and wealth-transfer strategies that will minimize the impact of estate and inheritance taxes.
The complexity of the family business enterprise is magnified because of the various constituencies who need to be considered. With non-family business-planning clients, the focus is on the needs of the individual or couple.
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In the family business, there are many other stakeholders to be considered. For example, there are the family members who own shares in the business, family members who own shares and work in the business and are likely key executives for the enterprise, and potentially non-owner manager/executives who may own some equity and yet other permutations.
Only about half of family-owned businesses make it to the second generation and even fewer to the third generation. Advisors who work within the family business arena often refer to the saying, "Shirtsleeves to shirtsleeves in three generations." This is a proverb whereby the first generation builds wealth, the second generation expands the wealth, and the third generation spends the wealth and has to start over again.