What Do We Tell the Children? Intergenerational Talks About the Family Business and Wealth

Because money is often a touchy subject, families who’ve accumulated wealth and built enterprises likely don’t spend enough time considering how to discuss money with their children. To further complicate the situation, older and younger generations often have different questions and concerns about their own financial futures. This disparity—and the challenge of clear communication between generations and each side seeing the other’s concerns, needs, and perspectives—often causes issues during the transition of a family business.

This article discusses when and how to have these conversations, recommending planning a series of conversations, each with a different focus, in an environment where all parties feel comfortable sharing their perceptions and questions.

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