September 28th, 2011

Empowering Generations to Come

By Dave

Empowered Wealth is the only company specializing in intergenerational wealth and sustainable prosperity from generation to generation. The failure rate of a familiy owned business is unfortunately extremely high when it is passed down within a family. That fear has had many choose to sell a business that has been in the family for years due to the fear of the unknown. Often this fear is an inability to transfer the skills and intellectual assets to the next generation. Empowered Wealth helps make it possible to leave a legacy that has a pathway to success for generations to come.

Here is an real life example.

I am a successful entrepreneur. I grew my business from a start-up welding shop in my father’s garage to over $75 million. Growing the business was enjoyable and exciting. We had great success and I was sure our model would generate double-digit growth in the future.

Several years ago, I asked myself: “Why should I grow the business? Why do I want a greater net worth? How will it impact my children? Would growing the business only provide greater financial benefits for my children and rob them of the same opportunity I had in growing the business?”

I determined it was not in my family’s best interest to continue to build the business. In spite of my abilities and the success we had enjoyed, I sold the business. It was not worth losing my family’s ingenuity and drive to grow the business. Although it would provide them a life of luxury, it would rob them the opportunity to create their own identity and self worth.

When I made this decision, I was introduced to Empowered Wealth. Through the planning process, we explored ways I could continue to build the business so that our financial assets would advantage my children without destroying their drive to succeed. We established our family bank. Our family bank allows my children access to our financial assets for purposes that will build their character and requires their stewardship and accountability to the family. It avoids dumping financial assets onto them which could destroy their personal drive. Our financial wealth advantages my children without denying them opportunities to develop their own abilities. Through the entities within our family bank, I am working with my children and teaching and training them with the knowledge and experiences I gained while growing the business. In this way they are creating their own success.

We also use our family bank to capture and share our family’s other True Wealth assets. These include stories of our heritage, life lessons, how-to experiences and other family assets that can benefit each member of our family now and in future generations.

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