A founder of a family business is often not only the driving force behind that business, but also the steward for the family’s trusts, philanthropy, property and, ultimately, the family legacy. Like the spokes of a wheel, all of these interests together make up the family enterprise. As the next generation is brought into the management of this enterprise, most families will benefit from the skills, exercises, and practices which help to ensure the transition proceeds smoothly. Families successful with these transitions often use a third-party resource to guide them this process to encourage a thoughtful and unbiased approach.

After a positive start to the month of August, propelled higher by a strong Jobs Report and lower than expected inflation, markets took a turn for the worse after the release of several pieces of poor housing data and Fed Chair Jay Powell’s speech in Jackson Hole in which he exhibited an overly hawkish tone.

A common struggle many families face is how to approach the “wealth conversation” between generations. As such, the majority of wealth transfers between generations fail due to of a lack of communication. Families simply aren’t talking to each other. Whether the conversation is spouse to spouse, parents to children, or advisors to clients, talking about money, wealth, and estate planning is crucial in setting up success for families.