Summary

In this episode, Adam and Steve discuss the concept of generational wealth and how it applies to business owners. They explore the challenges of creating and preserving generational wealth, including the failure rates of business transfers to the second and third generations. They emphasize the importance of proper planning, including having a financial advisor, tax planner, and estate attorney, as well as a transition process in place. They also discuss the idea of legacy planning and the various components involved in creating a successful exit and preserving wealth for future generations.

Chapters

00:00 Understanding Generational Wealth
09:44 Challenges of Creating and Preserving Wealth
14:19 The Role of Planning and Professional Advisors
16:09 The Importance of a Transition Process

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