When working toward a liquidity event, it’s important to manage expectations in the next generation, says CM Wealth Advisors CEO and Managing Member Douglas McCreery. That means succession of the management of the business as well as the management of the wealth that is flowing from a business sale. There’s no one right answer, but it’s a long-term project.
“One of the things that we see that is sometimes difficult for people to come to understand is that the DNA in being an entrepreneur, or being a money manager, does not necessarily transmitted to the next generation,” McCreery says. “It is not automatic. And you have to let that next generation find their own passion and not try to force one on them. And in doing that, you have to recognize what level of independent advice, independent management, be it, not even control, but at least a good framework of helpers that can stand in your shoes if something awful…
