Wealth Management as a Second Family Business

September 2005

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Many entrepreneurs who enjoyed the challenge of building a family business face the decision to sell the business with mixed feelings and a certain amount of trepidation. While liquidity has its benefits, it is important to recognize the reality of this life-changing transition. Being in the wealth management business involves much more than hiring money managers to invest the proceeds from the sale of a business. Managing wealth successfully, like managing a business, requires thoughtful planning, diligent research, and the construction of a fully integrated plan to coordinate all of the components of the process. This white paper enumerates seven best practices for families who are selling a business and want expert guidance on the transition to a new phase in their lives.

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