As a business owner, you probably know all too well that “what got you here, may not get you there.” To continue to thrive and grow in today’s world requires adaptability and ongoing, proactive approaches. For many privately-owned businesses, this can create a unique set of challenges.

We often see three areas where privately-owned businesses encounter issues:

  • A change in market dynamics which require new skills that the business owner doesn’t possess;
  • Next generation family members who lack the skills to take over the business when the founder is ready to retire;
  • Unqualified family members that are charged with significant leadership roles in the business.

In all cases, the business owner must be honest with themselves and ensure that their finances are actively managed — avoiding complacency and nepotism and instead working with a sound financial team to plan.

Just as a business needs to be properly managed, so do your finances to ensure that a multi-generational legacy is possible. Having the wrong people in place is detrimental to reaching your goals. Having a set it and forget it attitude will not work for you long term and your financial plan cannot be worked out in an afternoon or two. Planning for your legacy and succession is a lifelong, evolving process that considers all changes you may encounter.

If you haven’t discussed your financial health regarding your multi-generational legacy and succession planning in a while, or, if you have any questions contact us at (772)257-7888 or email us at to discuss your unique situation and find out more about our family office services.