Why Family-Run Businesses Partner with Wealth Management Firms

Three out of four family-run businesses do not have a written succession plan in place. Is yours one of them? If so, it may be time for you to do what the other 25% are doing: engage the support of a wealth management firm.

Best intentions are not enough to secure the long-term well-being of your business or your family. At Foundation Wealth Partners, we have encountered many business leaders who have spent decades building their family enterprises only to suddenly find themselves and their families in the midst of irreparable conflict because they failed to plan ahead for the future of their family.

Whether you eventually want to sell your business, transfer it to your family, or evolve into a new role rather than step aside entirely, having a realistic business succession plan is essential. As an independent wealth management firm, we work with affluent individuals, their families, family enterprise, family offices, corporations, private pensions, and trusts, Foundation Wealth Partners can help you break through and create a personalized succession plan that protects your business, your wealth, your legacy and your family – today and for the long-term.

Employees and some family members are often less than comfortable voicing their opinions to employers and parents. As a third-party partner, we create a safe, effective, and impartial environment that inspires trust and honesty. Such an environment is essential in order to identify any false assumptions you may be making with respect to the interest and commitment of various individuals – assumptions that could impact your planning decisions.

You deserve to feel confident about the future of your family enterprise.

Given the investment your business represents, it is wise to work through a thoughtfully crafted vision around how you plan to outlive your leadership. The only way to ensure this is to have a plan in place that incorporates effective solutions and integrative strategies like those our experts deliver.

Regardless of business complexity and your family dynamic, we can work with you, your employees, and your key advisors to gain clarity on your goals and prepare for future leadership in a way that aligns with your values.

Foundation Wealth Partners is an innovative firm. Our partners are also Family Enterprise Advisors with the knowledge, experience, skills, and training to guide you safely through the issues that have prevented the implementation of a plan until now. Ours is an independent firm with a multi-disciplined team that can help you overcome financial hurdles on all fronts – from succession planning to portfolio management, insurance consulting, and more.

Your business has unique challenges.

While all business owners are tasked with securing capital, managing risk, maintaining cashflow, and recruiting talent, only family-run businesses are tasked with protecting their legacy for future generations.

Give your family business the best opportunity to outlive you and go on to ensure a sustainable future for your loved ones. Initiate a process to create and implement your succession plan. The barrier between having and not having a plan in place is communication. If you’re ready to begin communicating or want to learn more about how an FEA could benefit your family enterprise, contact Foundation Wealth Partners.