From Legacy To Dynasty: How To Create Generational Wealth
By Afam Elue
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About this ebook
Afam Elue
Afam Elue is an aspiring Social Psychologist with a diverse professional and cultural background. Born in West Africa, he began his career corporate banking with what is now Africa’s largest bank. He moved to the US in 2004 for post graduate studies, earning an MBA (master’s in business administration) degree from the University of Dallas in Texas. He continued his work in financial services with companies like Citi Financial and Edward Jones Investments before transitioning to IT project management. Today he is an Investor, Business Consultant and Tech Entrepreneur. As a Microsoft Partner, he specializes in acquiring and rolling up other IT firms in order to scale quickly. He lives in Toronto Canada with his wife -Elaine, a Singaporean National, and their three children Chino, Kanayo and Tobe. In 2021, he was a candidate for the Green Party in the Federal Elections in Canada contesting to be a Member of Parliament on the platform of Climate Action in response to the global climate emergency. He is the Founder and Chairperson of ABC (African Business Community), a Not-For-Profit, social enterprise focused on helping entrepreneurs of afro-descent towards the creation and preservation of wealth.
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From Legacy To Dynasty - Afam Elue
Copyright © 2023 Afam Elue.
All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.
iUniverse
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Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.
Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.
Certain stock imagery © Getty Images.
ISBN: 978-1-6632-5388-0 (sc)
ISBN: 978-1-6632-5390-3 (hc)
ISBN: 978-1-6632-5389-7 (e)
Library of Congress Control Number: 2023910998
iUniverse rev. date: 08/01/2023
CONTENTS
Introduction
Chapter 1 The most important new investment opportunity of the 21st Century
Chapter 2 Why Investors, Entrepreneurs, and Integrators Need Each Other Now
Chapter 3 Why Start-ups suck!
Chapter 4 Everything is timing
Chapter 5 L.I.F.T. D.A.D. – The strange sounding acronym that leads the way to Acquisition Success
Chapter 6 3 Steps to Building Your Business Ecosystem
Chapter 7 Profit and Purpose: How to Link Your High-Profit Business to a Greater Purpose
Chapter 8 Building Your Lasting Legacy in the Acquisition Economy
Chapter 9 5 Steps to Move from Legacy to Business Dynasty
Chapter 10 Living the Dream
Conclusion
Author Biography
INTRODUCTION
We are right now, as you read this book entering one of the most lucrative opportunities in the history of the human race.
Fortunes will be made by those who see it. Generational wealth will be created, and opportunities to spread opportunity and wealth to people who’ve yet to experience are here.
The only question is this… are you going to be a part of it or left behind?
In the United States (and to a lesser degree in other countries) the Baby Boomers are retiring. Yes, you already know this, but the opportunity is in what many of them are leaving behind.
Businesses.
Many Boomers started and grew small and mid-sized businesses. Now, they’re looking to sell. They need to sell. The business they’ve built is a major funding source for their retirement.
As a result, we’re seeing an avalanche of businesses for sale in the United States.
Most will never sell. Many will sell for pennies on the dollar.
And some savvy businesspeople will pickup bargain businesses and turn them into profit machines.
This book is about doing just that.
I have written it for three types of people:
The first is the entrepreneur who has a business and is looking to exit soon. I will show you how to approach the exit to maximize the value of your business.
The second is the investor who wants to capitalize on this massive opportunity to create outsized returns with relatively low risk.
The third is the integrator who is skilled at operating and growing a business but might lack the capital to invest—I’ll show you how to partner with investors, create cash and equity and build real wealth for yourself.
……
It is widely believed that the top three priorities for the average person are:
1. Your health
2. Your relationships
3. Your wealth
Your health could include physical, mental, emotional, or even spiritual health.
Your relationships typically involve friends and family. But could also include professional as well as personal relationships.
Lastly, your wealth is self explanatory. It could be argued that, by addressing your wealth status, the probability of ending up with better health and better relationships, is much higher.
Most Americans say that to be considered wealthy
in the U.S. in 2021, you need to have a net worth of nearly $2 million — $1.9 million to be exact.
According to Schwab’s 2021 Modern Wealth Survey, wealth expectations also varied by generation, with younger Americans saying they felt that lower net worth could be considered wealthy.
Here’s the net worth each generation says you need to be considered wealthy in 2021:
• Millennials (ages 24 to 39): $1.4 million
• Gen X (ages 44 to 55): $1.9 million
• Baby boomers (ages 56 to 74): $2.5 million
The drop in the net worth expectations could be