Episode Summary

You've built a $3M business. You've got resources. Most advisors will tell you to optimize taxes or diversify. They're wrong. Here's what you should actually do first: get your family aligned around what wealth is for.

Why $3M Is an Inflection Point

A $3 million business owner is at an inflection point. You've built something real. You've got resources. And you're about to face a series of decisions that will determine whether that wealth endures or gets consumed.

Those decisions won't be made in an office with your CPA. They'll be made at the family dinner table. They'll be made in conversations with your spouse. They'll be made in how you involve your kids. They'll be made in the culture you create around money.

The Three Questions Every Family Should Answer First

Question 1: What is wealth for in our family?
 Not what should it be for. What is it actually for in your family? Is it security? Is it opportunity? Is it freedom? Is it legacy? Is it impact? Different families have different answers. And there's not a wrong answer. But you need to be clear.

Question 2: What do we want to be true in 25 years?
 Not just financially. Relationally. Spiritually. What kind of family do you want to be? What relationships do you want to have? What impact do you want to have had?

Question 3: What would we never want to happen with our wealth?
 This is the negative filter. What's the worst-case scenario? What outcomes would be unacceptable? What would break the family? Identifying what you don't want is just as important as identifying what you do want.

Why This Comes First

Because these three questions determine everything else. They determine what structures you need. They determine what investments make sense. They determine how you'll involve your kids. They determine how you'll make decisions.

Get those three questions answered and aligned with your spouse, and everything else becomes easier.

Get them wrong or skip them, and you'll spend the next decade paying advisors to untangle conflicts that started with misalignment.

The Cost of Misalignment

I've seen $3 million families spend $500,000 in legal fees fighting over money issues that stemmed from misalignment about what wealth was for. I've seen businesses worth $10 million get destroyed because the family couldn't agree on succession. I've seen inheritances become sources of family rupture instead of family blessing.

And in every case, the problem started with misalignment at the beginning.

Key Quote

"The most expensive decision you'll ever make is not clarifying what wealth is for in your family before your circumstances force you to figure it out."

Your Action Step

This week, have a conversation with your spouse. Answer these three questions together:

1. What is wealth for in our family?
2. What do we want to be true in 25 years?
3. What would we never want to happen with our wealth?

Write down your answers. Don't overthink it. Just get clear.

Resources & Next Steps

Get the Family Values Worksheet at producerswealth.com/family to align your family around these foundational questions.

Keywords

business owner, family alignment, wealth strategy, family office planning, business succession, family communication, wealth purpose, legacy planning, financial planning, family values