Succession Planning Advice in the Era of COVID-19
The seismic disruption of the coronavirus pandemic has created shockwaves last seen during the global financial crisis, with low interest rates ushering in tax-efficient transfers of multigenerational wealth and advantageous investment opportunities in assets at marked down prices.
Paul and Wesley Karger, managing partners and co-founders of the U.S. multifamily office TwinFocus Capital, say they they are seeing families and family businesses take a new hard look at their need for robust succession planning in the era of the coronavirus.
Some of the biggest obstacles faced during succession planning relate to the unease families feel when discussing topic, the main wealth holder being unwilling to give up control, families not knowing how to create a successful succession plan, and the family not having a next gen member who is either willing or able enough to take the reins.
To read more, including an in-depth Q&A, click here.
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