How to Secure Your Family’s Wealth and Legacy Across Generations – Introducing Family Fortune by Mike Schmitt
Mike Schmitt
Board Member, Public Speaker, Consultant. We work with Mid-sized Family Business ($20 million+) with generational succession planning. Often in the Agriculture, Construction, and manufacturing sectors.
Dear LinkedIn Community,
Over the past decade, I’ve had the honor of working with countless family-owned enterprises. These businesses are the backbone of the global economy, contributing not just financially but also to the cultural and social fabric of their communities. And yet, despite their remarkable contributions, they face a unique set of challenges that often threaten their survival.
The sobering truth is that 90% of family wealth is lost within three generations. That’s right—most family businesses don’t make it past the grandchild’s tenure. The reasons for this are manifold: lack of preparation, misaligned values, poor communication, and the inability to adapt to change.
But it doesn’t have to be this way.
I’m excited to introduce my new book, "Family Fortune: Preserving Wealth, Legacy, and Harmony Across Generations", which addresses these critical challenges head-on. This book is the culmination of over a decade of hands-on experience helping family enterprises preserve, protect, and grow their wealth while fostering stronger family bonds.
Why I Wrote Family Fortune
The inspiration for this book came from a simple yet profound question I’ve asked hundreds of family business owners: “What will your family’s legacy be in 100 years?”
The answer to this question has never been easy. While most families want their business to succeed across generations, they often underestimate the strategic planning and governance structures necessary to make that happen. Without a clear vision, families often find themselves dealing with avoidable conflicts, miscommunication, and eventually, the erosion of both wealth and relationships.
In writing "Family Fortune", I wanted to provide a practical, step-by-step guide to help families overcome these challenges. This book offers real-world strategies, proven frameworks, and exercises to help your family business not only survive but thrive for generations to come.
The $83 Trillion Wealth Transfer – Are You Ready?
We are standing at the precipice of an unprecedented economic shift. Over the next two decades, an estimated $83 trillion in wealth will be transferred from the Baby Boomer generation to their heirs. This is the largest wealth transfer in history. While this shift presents significant opportunities, it also brings extraordinary challenges for family businesses.
The book opens by addressing this wealth transfer head-on. I discuss why so many families fail to retain their wealth and how, with the right strategies, yours can be among the 10% that succeed.
The key to this lies in understanding what I call the Four-Step Strategic Approach to family business success:
In Family Fortune, I break down each of these steps in detail, explaining how they’ve helped dozens of families secure their wealth and preserve their legacy. Each chapter includes practical exercises, real-world case studies, and actionable advice that you can start implementing today.
What’s Inside Family Fortune?
The book covers a wide range of topics essential for family-owned enterprises, including:
1. Conflict Resolution
One of the most common issues I see in family businesses is conflict—whether it’s between siblings, across generations, or between family and non-family employees. In Chapter 3, I explore how family feuds, if not managed properly, can fracture both the business and the family unit. But with the right strategies, these conflicts can be transformed into opportunities for growth and stronger relationships.
You’ll find exercises like the Difficult Conversation Role-Play, where family members can practice handling tense situations with empathy and clarity.
2. Corporate Governance
In Chapter 4, I delve into the often-overlooked topic of corporate governance. As businesses grow, having a clear structure becomes vital for long-term success. Family businesses that professionalize their operations and set up proper governance structures (like family councils and independent boards) are far more likely to thrive.
Governance isn’t about bureaucracy; it’s about creating the systems that allow a family business to operate with clarity and purpose. I’ll walk you through how to create a Governance Charter that outlines the roles, responsibilities, and decision-making processes for your business.
3. Succession Planning
One of the most emotionally charged and complex aspects of family business management is planning for leadership transitions. Chapter 9 addresses how to navigate these generational transitions with grace and foresight, ensuring the business continues to grow while honoring the family’s legacy.
I’ve included detailed exercises like the 100-Year Vision Statement, which challenges your family to envision what your enterprise will look like in a century. This exercise is not only about strategy but also about aligning family values with long-term business goals.
4. Financial Literacy and Transparency
If I could point to one area where family businesses often falter, it’s in financial literacy and transparency. In Chapter 10, I explore how families can increase financial understanding across generations and ensure that all members have a clear grasp of the business’s financial health.
I’ve also included a Family Business Financial Story exercise, designed to get all family members, whether they work in the business or not, on the same page about the company’s finances. This transparency can prevent many of the conflicts that arise from misunderstandings about money.
5. Preserving Family Values While Adapting to Change
A major theme of Family Fortune is balancing tradition with innovation. Family businesses often struggle with the tension between preserving their heritage and adapting to a rapidly changing marketplace. Chapter 11 focuses on how you can maintain your core family values while remaining flexible and innovative.
I share real-life examples from businesses that have successfully evolved while staying true to their founding principles. There’s even a section on Innovation and Adaptation, which gives practical advice on how to embrace change without losing your identity.
What Will Your Family’s Legacy Be?
Every family business is unique. Each has its own set of values, traditions, and challenges. But one thing all successful family enterprises share is a clear sense of purpose and the ability to think in terms of generations, not quarters. Family Fortune provides a roadmap for developing this long-term perspective, ensuring that your family’s wealth and legacy are secure for the next 100 years—and beyond.
My goal with this book is to help you answer the question I posed earlier: What will your family’s legacy be in 100 years? Whether you’re just starting your family business journey or are preparing for a leadership transition, the principles in Family Fortune will help you navigate the complexities of family dynamics, wealth preservation, and business growth.
Get Your Copy of Family Fortune
I invite you to join the conversation on preserving family wealth and legacy by getting your copy of Family Fortune today. This book is more than just a guide; it’s a toolkit for transforming your family business into a lasting legacy. Whether you’re a current business owner, an aspiring entrepreneur, or a family member working alongside relatives, there’s something in this book for everyone.
Purchase your copy here: https://a.co/d/ebfTNzq
There is a special opportunity to purchase this book at a very low cost through end of business on Friday.? Please pick one up now and if you like the book, we would love a review.? If you’d like to discuss how the principles in the book can apply to your specific situation, I’m happy to connect for a conversation. Let’s ensure your family’s hard work and legacy don’t slip away—together, we can make it last for generations.
Thank you for your continued support, and I look forward to helping your family build a lasting legacy!
Warm regards,
Mike Schmitt Founder, Rubra Group
Author of Family Fortune: Preserving Wealth, Legacy, and Harmony Across Generations
P.S.: If you know other family business leaders who could benefit from the insights in this book, please feel free to share this message with them!