Money isn’t just numbers. It drives both personal relationships and business. But too often, family businesses overlook financial education. It’s time we changed that.
Financial education offers a range of critical benefits that go beyond managing money. A significant advantage is its ability to reduce conflict within families. It teaches family members about financial principles and responsibilities, clarifying roles and expectations. It also empowers family members to make smarter, better decisions, especially when it comes to governance, investments, and succession planning.
Financial literacy is a life skill for family businesses to embrace sooner than later. Cultivating financial literacy early fosters a sense of stewardship, ensuring wealth is handled wisely. And lasts for generations to come.
To implement financial education in your family business, start with the three steps recommended in “Money Education in the Business Family: A Perspective Article.”
Read about financial literacy, a life skill for family businesses, here.
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