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THE M WORD: The Money Talk every Family Needs to have about Wealth and their Financial Future by Lori Sackler

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Developing and Communicating a Plan to Transfer a Family Business

Having a healthy intergenerational money transfer plan is even more important when a business is part of the transfer. That is because only 30 percent of family businesses survive into the second generation, only 12 percent survive into a third generation, and only a paltry 3 percent make it into a fourth generation or beyond, according to the Family Business Institute. Research indicates that this is largely because of a lack of proper succession planning. At one time, there was no need for succession planning: primogeniture ruled, and businesses went directly from the father to the oldest son. But succession determined by birth order was not always in the best interest of the ...

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