Cerulli Associates anticipates that more than $84 trillion will pass between generations over the next two decades. Known as the “Great Wealth Transfer,” this shift is critical for family and closely held business owners because successful business and wealth transfer requires sufficient and bespoke preparation. The stakes are high whether an owner plans to keep the business in the family or exit. Not every family has G2 that is willing or able to lead, and even when G2 is ready, a lack of clear governance can fracture both the family and the business. Moreover, owners who overlook estate planning risk exposing their families to substantial estate taxes and operational continuity issues.