REVIEW: Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values

Written by Roy Williams and Vic Preisser ©2003

  This book is based on research of 3,250 wealthy families regarding their legacies. It is extraordinarily insightful. This book reveals what the small number of successful families had in common—how they achieved and maintained family harmony, and ensured the smooth transition of their wealth to well-adjusted heirs. They also warn of the wide range of factors that cause the majority of wealthy families to fail in their transition. It contains clear, concise, well organized, and easy-to-follow instructions that will enable family businesses to evaluate or create their plan for transitioning family wealth. This book can help family businesses develop a plan to transmit family values underlying the accumulation of wealth and prepare heirs to be good stewards and thoughtful administrators of that wealth.

This is a great resource for any family business owner contemplating the idea of transition.  This book was also designed with the non-family advisor in mind (i.e. estate lawyers, finical planners, etc.) to be a primer for the considerations a wealth transition may take on that are more than meets the eyes. The book is an easy read and informative.