Considering that it is estimated that 90% of affluent families lose their wealth by the third generation, a proactive approach is needed to tackle the inevitable obstacles that family businesses will encounter with succession and inter-generational wealth transition. Family offices should therefore gain a clear understanding of the challenges and risks they may face and learn how to manage and mitigate these.
The following are three reasons for family wealth erosion and the actions that may be taken to overcome them...
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