The ongoing wealth transfer, believed to be the largest in history, represents a remarkable shift of assets from one generation to the next: the transfer from Baby Boomers to younger generations of Gen Z and Millennials (often referred to as Xennials) is estimated at $100 trillion.
It’s worth contextualizing the scale of this wealth transfer to understand its potential impact, which is well below the 2023 U.S. Gross Domestic Product (GDP), estimated at about $26.24 trillion. Investment banker and philanthropist Ken Costa predicts a seismic impact from this wealth transfer, given that future generations who will inherit these wealth will have different perspectives than their Boomer predecessors.
This historical transition has multiple effects on different aspects of society. The market always sees major changes in investment trends and asset allocation. Meanwhile, financial institutions need to quickly adapt to changing conditions. The real estate market can fluctuate, and the workforce can change as younger generations gain greater financial independence.
The business sector will likely be most affected by the impending wealth transition. Boomers and Millennials both face challenges. The former face the challenge of developing robust succession plans and realigning business value to the expectations of the next generation, while the latter leverage their newfound wealth to positively impact the economic environment. We are faced with the challenge of giving.
Harish Chauhan, Owner and Founder of Exit Richer, an education technology company based in Toronto, Canada, aims to help owners and families grow their businesses and achieve their retirement and generational wealth goals. He has spoken at prestigious conferences, written in influential publications and established himself as a leading authority in the field of business prosperity.
Chauhan leverages decades of experience delivering value to organizations and individuals to build valuable, salable companies with tax-efficient solutions that allow entrepreneurs to maximize wealth upon exit. We will support you. In other words, Exit Richer. Developed by Chauhan in collaboration with experienced entrepreneurs and subject matter experts, Exit Richer is an education technology platform that offers a variety of courses covering every stage of the growth and exit process.
One such entrepreneur, a former client of Mr. Chauhan, is a perfect example of a de-wealthy man, who sold his company for 13 times its share price and amassed generational wealth. His success stories inform the platform’s content, which educates users about his six-step process designed to optimize business exits.
The six-step process outlined by Exit Richer begins with the “endgame.” This process emphasizes the importance of setting clear goals for the desired outcome of the exit. Creating Prosperity focuses on building value and engaging employees through profit sharing and employee performance incentives. On the other hand, “scaling” involves leveraging intangible assets to achieve sustainable growth. Here he Chauhan emphasizes that his 84% of a company’s assets are intangible assets.
The founders drive a unique strategic methodology called Unifying Philosophy (UPh®) to address the challenges of managing, maximizing, and monetizing intangible assets. He describes his UPh as “the ‘DNA’ of a company built in six words or less.” Chauhan’s UPh is different from your typical mission or vision statement. UPh has been proven to enable stakeholder alignment, brand implementation, business succession, and help create value for both intangible and tangible assets.
Chauhan’s UPh predates and augments Jim Collins’s Hedgehog Concept, and is a similar idea to that outlined in Jim Collins’ book The Hedgehog Concept. It’s the best. Both concepts focus on identifying key principles for business success. However, Chouhan’s methodology is more than just a theoretical framework. He has developed a detailed process for creating and implementing a UPh, citing real-world examples of its effectiveness, such as the successful sale of a client’s company. A prominent professor at San Francisco State University also validated Chauhan’s methodology, which is based on a grounded theory approach.
In addition to UPh, Chauhan also employs the Three Whys framework to provide a roadmap for understanding personal motivation. The concept predates a similar idea by American author and inspirational speaker Simon Sinek and draws on the wisdom of the late management guru Peter Drucker. The concept includes three “whys”: impact on the individual, impact on the industry, and impact on the world.
Following “Scaling,” steps 4-6 are “Staging the Company,” “Moment of Truth,” and “Pride,” which guide users through the preparation, negotiation, and post-exit phases. With these, Exit Richer helps individuals make a smooth transition and achieve their personal and professional goals.
To ensure the platform provides comprehensive technical expertise, Cauhan collaborates with industry experts and seeks talent for all aspects of growth and existing processes.
“We want to give young entrepreneurs, especially millennials, access to the knowledge, tools, skills and expertise they need to build businesses that meet one of their three ‘whys’. ,” says Chauhan.
Exit Richer will be offering a free pre-contract option, as well as a pre-sale option at a discounted price compared to the lifetime membership fee.
As a result, Chauhan plans to launch a global sweepstakes campaign with the mission of helping all entrepreneurs exit their businesses wealthier. “He will give each country six free licenses of our platform,” he said. Participants will be categorized based on startup stage or revenue to ensure fair representation of all levels of entrepreneurship. Mr. Chauhan’s campaign’s main objective is to give six promising companies in each country a chance to exit the business in a better position. “Currently, we serve this global audience and help entrepreneurs with annual revenues from zero to $1 billion maximize their after-tax returns as they exit their businesses. We are looking for experts in each country,” Chauhan said.
