In preparing themselves for wealth transfer, business owners adopt the same proactive approach and independent mindset that drives their business activities. This report, the second of four in our wealth transfer series, looks at how business owners acquire financial knowledge, manage the inheritance process and prepare the next generation.
- Business owners are proactive in educating themselves, defining their wealth transfer plans and preparing the next generation
- Despite their independent spirit, they recognize the value of professional guidance in educating their children about wealth transfer
Business owners are better prepared than most, but there’s still room for improvement.
Compared to employed professionals, business owners are well-prepared to transfer their personal wealth.
Have a full wealth transfer plan
Have prepared a will
Have made no preparations