Ep. 394: The Great Wealth Transfer

Guest: Nicole Garton

According to Forbes magazine, “Over the next two decades, an unprecedented shift of demographics and finances will take place and will likely be felt by every American” and, by extension, every Canadian.

That’s because baby boomers are expected to transfer in excess of $30 trillion to the next generation – an exchange of wealth that has been dubbed the “great wealth transfer.”

Much (while not all) of that wealth is in the form of family-owned businesses – businesses that, even when endowed with huge amounts of money and support from the best lawyers available, still blow up. Look at the Rogers family as an example: a nasty family feud that arrived on the headlines on the heels of the Stronach civil war.

“If the rich can’t handle it,” wonders Nicole Garton, “how can the average- to medium- to small-sized family business hope to navigate the choppy waters of succession?” In her book “Harnessing Conflict: How Family Businesses Can Thrive and Survive,” Garton addresses the myriad issues that need to be attended to when passing ownership of the family business onto the next generation.

Stuart McNish invited Nicole Garton to join him for a Conversation that Matters that every family business must have when planning a transfer of ownership.