Youth is very much about striking it out on your own and finding you own path, but when your parents have already cleared a path for you and left a goldmine at the end of the trail it might be worth pursuing.
Apparently not, says Michael D. Rubin, who has worked for years in sales and acquisitions and helped Boomers amass the fortunes to leave for their children.
"That's what I need to be talking about, that's the story, is the 77 million Baby Boomers are selling 40% of all business in the next 15 years which is $10 trillion dollars of wealth transfer," says Rubin
But the kids don't want to have to take over the business.
"A lof of them have their own ideas of what their future should look like in their eyes, the millennials, from what I've seen. I've sat with hundreds if not thousands of Baby Boomers that literally tell me time and time again the sons and daughters do not want to take over their business, even if it's netting $1, $2 or$3 million dollars a year."
photo: Getty Images