Family wealth transfer: More at stake than money

Over the next two decades, it’s estimated that more than $80 trillion is expected to be transferred from one generation to the next. Many family-owned businesses, however, are unprepared for the complexity of such a transaction. They assume that it is strictly a financial transaction that can be handled by finance professionals and family offices. And while that’s partially true — it is a complex undertaking that requires professionals to help execute — I find many family businesses have failed to consider the emotional elements involved in wealth transfer, especially when there is more than one beneficiary.