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Submitted by: Puthan(VJ) Vijayan
Puthan(VJ) Vijayan is the Principal member of PMV Investment Advisors, LLC. The firm is a Registered Investment Advisor. VJ is a Certified Estate Planner and Registered Financial Consultant, with over 15 years of planning and investment experience.
More than $4billion of family's wealth and assets will be transfer to the next generation. Thirty percent or less of family owned businesses never survive the wealth transfer.
Family businesses have been focusing on financial,tax and legal implications.Family members as stakeholders were not included in the equation. As a result family land mines can derail and destruct family business transfers.
Family centric strategies can bring harmony,equity and fairness to family wealth transfers. Successful family meetings bring all family business stakeholders together, and participate in the process of the wealth transfer.
There are more than twenty five million small and medium businesses in the US. Securing the process can help ensure the survival of the family business and harmony and trust among family stakeholders.
Wealth managers/planners can act as the coordinator to bring tax and legal advisors and family stakeholders together to bring a amicable family wealth transfer, and ensuring the survival of the family business.Wealth managers/planners are uniquely placed to bring this strategy to success, because they have earned the trust of the family stakeholders and can bring other specialty experts to ensure the success of the wealth transfer. Family counselors can also be brought in when conflicts emerge among stakeholders.
Succession planning,among small and medium sized business owners, has increasingly become important as family businesses become increasingly a larger component of family wealth.
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