In a study of 242 wealthy family business owners where the average value of the businesses was $730 million, we found that these extremely successful business owners are remiss in estate and succession planning. Because of their vast wealth, ultra-high-net-worth business owners will at some point encounter succession issues. Succession planning is the process of efficaciously transitioning the business to other parties, whether they are family members, employees or outside investors. For the very wealthy, the ability to integrate estate and succession planning is a big win. When wealthy business owners transfer their business interests to others, they have the ability to do so in a tax-efficient way.
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