HOW DO I ENGAGE MY NEXT GENERATION IN THE BUSINESS?

Leaving a business to the next generation without adequately preparing the Next Gen to take on the responsibilities of said business can be the source of great stress and can mean the loss of a lifetime of hard work. When it’s time for the next generation to take over the business, many questions come to mind: how can I ensure the continuity of my legacy through the next generations? How do I make sure that my values are properly passed down to them? These questions are a normal part of the process. After all, you want to be confident in your children and grandchildren’s financial skills and ensure they are up for the responsibility of not only continuing your legacy but also securing their own futures and accomplishing goals of their own.

“We often see families preparing the wealth for the children, but oftentimes, they do not prepare the children well enough for the wealth. Our professionals help ensure that the next generation will be ready to take over the Family Enterprise with confidence.” Justine Delisle, CPA, CA, Pl. Fin., Partner.

Passing a business to the next generation

The first step is financial literacy. To ensure a seamless transition of your wealth and business, family members need preparation and engagement. Ensuring that your children and grandchildren are engaged and ready with technical and financial skills to build a heritage that will endure is crucial.

The importance of passing down values as well as technical knowledge to one’s children raises several questions:

• How do I ensure that my legacy will continue?
• How do I pass down not only my wealth but, more importantly, my values to the next generation?
• How can I encourage my children to create their own wealth?
• How can I interest them in investments and key tax and legal concepts?

The quantity of knowledge to pass-down can seem daunting at first; we are here to help. Our Financial Literacy Program is curated to enable participants to learn at their own pace and in their own setting. The flexible online format provides a tailored learning experience with easy access to our finest resources, experts, and bespoke modules.

Each family is unique. As is our Financial Literacy Program.

Educational modules bring awareness to the opportunities, issues, and challenges of managing a family enterprise. Through each, we commit to addressing what matters specifically to you and your family; effectively providing your family members with the information needed to inspire them to join the family enterprise.

This program aligns with your family’s reality and schedule and is adapted to the knowledge level of the participants. Our Richter partners are guest speakers in this program and experts in their fields, so your family members will learn from their expertise in a strictly non-solicitation environment.

At the end of the program, members of the family are invited to create their own dashboards and financial overview reports.

Richter provides interactive resources and a comprehensive learning experience to prepare your next generation for the business, so you can focus on preparing your business for the next generation without worry.