Bridging Generations: Transitioning Family Wealth and Values for a Substantial Legacy
Hardcover: 224 pages
Publisher: Higher Life Publishing (2017)
For more than 52 years, The Williams Group has successfully coached affluent families on how to ensure their wealth legacy is successfully passed on to next generations who are well-prepared for their roles. Roy compiled studies on thousands of affluent families. He has seen firsthand both the joys and tragedies that wealth transitions can bring.
Amy A. Castoro is President and CEO of The Williams Group, successor to Roy Williams, and a Senior Family Coach at The Williams Group for over seven years. She brings more than two decades of experience to her role.
Amy works with affluent families and their businesses to build a legacy of prosperity, cultivate trust, and care for future generations. Her commitment is to bring awareness of the impact of wealth on families, embed the skills of trust and communication, and build alignment of purpose across generations.
You want a startling statistic? Apparently 70% of family wealth transfers fail. As the authors note, instead of seeing one generation’s efforts bring value and benefit to future generations, more often than not years of blood, sweat and tears and toil are wasted.
The book’s Foreword, provided by Pete Coors – Chairman, Coors Brewing Corporation – highlights what Amy and Roy believe is a key component of successful wealth transfer: establishing family values and retaining family unity.
We’ve discussed generational wealth on multiple occasions here at RetirementSavvy. The importance of estate planning has been covered; as has inheritance taxes; and wealth generation in black families.
Over the course of ten chapters and three appendices, the authors seek to provide readers their insight and strategies on how to overcome the odds and ensure family wealth can be successfully passed on from one generation to the next and maintain family unity.
Not coincidentally, the heart of the book is contained in the middle five chapters, which lay out the five pillars to creating a successful wealth transfer and succession for your family. The five pillars include taking the initiative, securing the wealth transition plan, addressing transition deficiencies, preparing family members and family members’ self-preparation.
Key points are driven home via tables and charts. Additionally, readers are further engaged through the use of questionnaires. We all understand that sometimes reading about something isn’t enough. Some lessons are more apt to stick if we ‘do’ something during the learning process.
This is a book every successful family leader who will transfer wealth, and every professional advisor, and those who stands to inherit significant wealth would benefit from reading. Bridging Generations: Transitioning Family Wealth and Values for a Substantial Legacy is available at Amazon in Kindle and Hardcover formats.