Is Your Success Spoiling Your Kids?

Could second-generation business owners soon be a thing of the past? A survey commissioned by SunTrust Bank's Private Wealth Management Group found that only 26 percent of wealthy business owners surveyed said they planned on bringing their children into the family business. About half of those surveyed also fear their business success has spoiled their kids. Another concern on their minds: whether their money will last long enough. 71 percent of these wealthy business owners believe they need between $1 million and $10 million of investable assets to sustain their lifestyle, with 24 percent saying they'll need $10 million or more. "The survey shows that when it comes to personal finances, business owners are more concerned about building and protecting wealth than the inherent risks in their business," said Dave Johnston, senior vice president for SunTrust Private Wealth Management.