North Carolina business owners who are looking to sell their companies should assemble a team to help them complete such a transaction. However, they may also need to prepare their families for how the sale could impact their lives. Roughly 70 percent of those who inherit wealth lose it by the end of the second generation. This is generally attributed to a lack of trust and communication between business owners and family members.
Therefore, it may be beneficial to have a family meeting once or twice a year to go over the family finances. As part of these discussions, advisers can help business owners and their families become more fiscally literate. For instance, they can talk about how to read investment statements or how to determine how risky a particular investment may be. These meetings may also spend time focusing on estate planning topics such as trusts and health care directives.
There are many different advisers that people will want on their team. For instance, it can be a good idea to have an attorney, a financial professional and an insurance agent. It may also be worthwhile to have someone who has worked with nonprofits in the past as part of an advisement. This can be helpful because business owners tend to be better at making money than managing it.
Generally speaking, business transactions have an impact on both sellers and their loved ones and other associates. Family members who are also employees may have questions about how a sale could impact their employment or overall financial status. By having regular meetings, individuals can learn more about how to manage their money both now and into the future.