Nov 12, 2020
What you’ll learn during this episode:
This week’s guest:
Owner, Family Wealth & Legacy, LLC.
Host of The Family Biz Show
Michael Palumbos is a second generation family wealth advisor. He specializes in family business growth strategy, private wealth and estate planning, and business succession and exit planning for families serious about the long-term success of their business. He is also an author and the host of the podcast, The Family Biz Show.
Michael believes that business is better when it’s family run. He also knows that many family businesses are not living up to their potential. They are surviving, rather than thriving because of unhealthy family dynamics or the lack of proper business management practices. Typically, there is confusion and a lack of a shared vision between the generations and it doesn’t have to be that way.
His vision is to give these family businesses a chance to succeed at a higher level. The way he and his team accomplish this is by guiding families through a series of healthy, outside-the-box discussions which work to help the family get in alignment. Once the family is focused and aligned about how they make decisions together, business strategy and plans for business transition…it helps to reduce stress, friction and clears the way for opportunity and growth. At the end of the day, it’s all about helping families avoid the shirt-sleeves to shirt-sleeves in three generations syndrome that befalls more than 70% of families.
Michael learned long ago that he couldn’t work for a boss and that he needed to be in control of his own company. It gave him the freedom to do things his own way; and to build a team around him that shared his vision. Today he challenges the families he serves with innovative and novel ways of looking at their situation. He pushes people to be their best, innovate and to think differently and dream big. He isn’t a fit for everyone but if this sounds appealing to you, you’ll love working with his firm, Family Wealth and Legacy.
A graduate of The University of
Rochester with a degree in economics, Michael and his wife,
Victoria, live in Pittsford and have seven incredible children and
one adorable grandson.
You don’t want to miss it!
The content presented is for informational and educational purposes. The information covered and posted are views and opinions of the guests and not necessarily those of Lincoln Financial Advisors Corp.
Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances.