A fresh and accessible guide to successful wealth transition—for many generations.
There’s no better time than now to unlock the secrets behind effective succession and wealth transition. In this wise and accessible book, author Emily Griffiths-Hamilton—a leading expert in the field—does just that. The path to success, she argues persuasively, is the Family Bank, a dynamic approach that any family, at any stage in its life cycle, can adopt.
The failure rate for succession plans today is an astounding 70 per cent. The reason for this, Griffiths-Hamilton explains, is because the traditional approach to wealth transition planning—controlling financial assets and minimizing or deferring taxes—gets the process backwards. The Family Bank approach, by contrast, pays close attention to the human elements of a family. Only once those are understood can effective financial structures be developed to meet each family’s needs.
In this book, you’ll learn how to create your own Family Bank, beginning with the solid foundation of your family’s shared values and vision. Griffiths-Hamilton explains how you can assess all of your family’s assets-human, intellectual and financial-and prepare succeeding generations to steward those assets successfully.
“An insightful ‘must read’ that addresses the emotional Pandora’s Box of family wealth transition and provides a rare compassion and practicality on the subject.”
– Arkadi Kuhlmann, Founder, ZenBanx, ING Direct Canada and USA
“Griffiths-Hamilton is a credible source on such matters…She encourages families to have honest discussions about money, build trust and work toward a shared vision.”
– CPA Magazine
From mom-and-pop stores to Fortune 500 corporations, the family business as an institution is widespread and enduring – yet only 30% of family enterprises successfully transition to the next generation. In this accessible and deeply informed new book, family enterprise expert Emily Griffiths-Hamilton shares the secrets of successful multigenerational family enterprises.
Through extensive research and personal and professional experience as a member of and an advisor to family enterprises, Griffiths-Hamilton has developed an unconventional approach that looks beyond narrow family business considerations to focus on the critical aspect of every family enterprise – the ‘family factor.’ Successful multi-generational family enterprises, she explains, are animated by a unifying vision that rests on shared values. Mutual trust and strong communication skills are vital for families to articulate these foundational elements, which will then inform a ‘family enterprise framework’ that can endure for generations.
Planning for the long-term health of a family business doesn’t need to be complicated. Beginning with a single meeting, family enterprises of every shape and size can use the insights in this book to build robust frameworks that will reward their members for decades to come – not just financially, but with strengthened family connections, a shared sense of purpose, and perhaps most importantly, a bit of fun.
“Outstanding! An essential read for every business owner.”
– Jim Treliving, Chairman and Owner, Boston Pizza International
“Emily provides the building blocks for the successful transition of family enterprises from one generation to the next.”
– Klaus Wiemann, Private Banking Senior manager, Zurich
“Valuable, insightful and practical advice from a business builder who has helped the business owners make decisions for the long-term success of their family enterprise.”
– Terry Neill, Partner, Deloitte