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As a family business consultant, I work primarily with entrepreneurs who have created wealth over time — first generation wealth. These are generally people who have spent a lifetime building companies and have focused on what was right in front of them rather than the distant future. Many of them have built up substantial wealth over the years.
But when retirement comes, and it’s time to start planning for the future of their money, most first-generation wealth has no clue how to give the money away. And why would they — especially if there is no family blueprint of how to proceed? While manuals and organizations to guide entrepreneurs how to give away their money do exist, first-generation wealth creators are often surprised by the complexity of the process. Most assume giving away money is easy, and are surprised by the myriad of decisions they must make to enshrine a legacy they are comfortable with — and proud of.
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