The word “wealth” typically evokes images of lake-side mansions, multi-million-dollar businesses, and luxurious vacations. It’s about money and assets—and nothing else. James E. Hughes, Jr. and Martin Stepek argue wealth has a different—deeper—meaning than just financial success.
Wealth, according to its old Anglo-Saxon roots, means “well-being.” Therefore, wealth should be about the well-being of the individual, the family, and society. It’s this understanding of wealth that should determine how a founder transitions their business from themselves to the next gen.
First, the founder must prioritize the well-being of the family. Without the family’s well-being at heart, founders struggle—and often fail—to share their business with the next generation.
What is the next step founders must take when transitioning to the next gen? The answer lies in this article.
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