I am writing a book on Family Enterprise Succession Planning

William has been on me for some time to get a book written about what we do for families. We have made great progress this month. I now have several chapters written and wanted to share the Introduction to the book with you all here. Please feel free to give frank and open feed back about what you read. Thank you all.

Title: "Family Fortune: Preserving Wealth, Legacy, and Harmony Across Generations"

By Mike Schmitt

Edited by: Kathryne E. Schmitt

Introduction: The $83 Trillion Challenge

"What will your family's legacy be in 100 years?"

Imagine it's the year 2123. Your great-great-grandchildren are gathered for a family reunion. A curious 10-year-old pipes up, "Tell me about our family business!" Will the response be a proud recounting of a thriving enterprise that's weathered a century of change? Or will there be an awkward silence, followed by an aunt nervously changing the subject?

As the founder of the Rubra Group, I've spent over a decade helping family enterprises ensure their story is the former, not the latter. I've seen firsthand how the right strategies can transform a family business from a potential cautionary tale into a legacy of success spanning generations.

Today, we stand at a pivotal moment in economic history. Over the next two decades, an estimated $83 trillion will change hands in the United States alone, as the Baby Boomer generation passes its wealth to subsequent generations. This transfer represents both an enormous opportunity and a significant challenge for family enterprises.

The stark reality is that 90% of family wealth is lost by the third generation. That's not a typo – nine out of ten family fortunes don't survive to see the great-grandchildren. The reasons are varied: lack of preparation, poor communication, misaligned values, and the inability to adapt to changing markets, to name just a few.

But it doesn't have to be this way.

At the Rubra Group, we've developed a four-step strategic approach that has helped numerous families not only preserve their wealth but grow it, all while strengthening family bonds and creating lasting, positive impacts on their communities:

1. Comprehensive Assessment

2. Strategic Alignment

3. Operational and Family Goal Integration

4. Execution Excellence and Relationship Management

This book is your guide to implementing this proven approach in your own family enterprise.

Throughout these pages, we'll explore crucial topics like conflict resolution, corporate governance, financial literacy, and succession planning. You'll find practical exercises at the end of each chapter, designed to help you immediately apply these concepts to your own family enterprise.

We'll share real-world stories of families who've faced challenges similar to yours – from the manufacturing company that successfully transitioned leadership to the third generation, to the agricultural enterprise that found innovative ways to involve family members who didn't work directly in the business.

But more than just a business strategy guide, this book is about legacy. It's about creating something that transcends mere financial success – a family enterprise that embodies your values, strengthens your family bonds, and makes a positive impact on the world.

Whether you're at the helm of a $50 million company or a billion-dollar enterprise, whether you're just starting out or planning for the next generation, this book offers invaluable insights and practical strategies to help you navigate the unique challenges of family business.

By the time you finish reading, you'll have the tools to answer our opening question with confidence: "What will your family's legacy be in 100 years?" You'll be equipped to write a story of success that extends far beyond your own lifetime – one that your great-great-grandchildren will be proud to tell.

Are you ready to secure your family's fortune for generations to come? Let's begin this journey together.

Exercise: Create a 100-year vision statement for your family enterprise

Take a moment to envision your family enterprise 100 years from now. What does it look like? What impact is it having? What values has it maintained? Write a brief vision statement (1-2 paragraphs) describing your family enterprise in the year 2123. This will serve as a North Star as we work through the strategies in this book.

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