Being a business owner is considered an “American Dream” by many, yet when it comes to succession planning, a recent survey reveals that not everyone feels the same way about passing the torch onto their children. Many owners don’t want their kids to inherit the family business.
The survey was conducted by Versta Research on behalf of Wells Fargo in January and February 2023, and studied the attitudes of 1,008 “wealth creators,” which were defined as U.S. adults aged 50 or over who have at least $1 million in investable assets and earned (not inherited) most of those assets.
