Millennials are taking their places at office desks around the nation. This burgeoning generation is just starting out, which means changes for family businesses with millennial family members who stand to inherit the family business. Of course, this scenario raises certain concerns for baby-boomer business owners as they look to the next generation of workers.
According to Patricia M. Soldano and Lauren Benenati in their article Millennials and the Family Office, “This intergenerational wealth transfer will pose significant challenges to the family office, as this generation has beliefs and views independent of their parents.” A valid point in an age of online transactions, social media, and a changing stock market. Baby-boomer business owners face potential discord as a forward thinking, tech-savvy, and somewhat self-centered generation of workers step into their family offices. The challenges only increase when it comes to intergenerational wealth transfer because it calls into question how millennials will be involved in managing that wealth while the baby-boomers are still alive.
Today, business management is steadily shifting away from the brick and mortar of the older generation and toward the web-based, social media dependent, mobile-friendly dealings of the new. Baby-boomers can start planning now, for the years ahead, when they may no longer have an active, participatory role in the management of the family business.
At Satori Law Group, we can help you make sure your business will be managed according to your wishes both now and in the future when millennials are ready to take the operational reigns. Contact us today to schedule your consultation and take the first step toward protecting your business.

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