In this issue of Owner to Owner, we address what’s front of mind as tariff refunds get underway. We also celebrate the power of private businesses throughout 250 years of U.S. history, explain why EBITDA can sometimes be a misleading metric, and discuss how to prepare the next generation to successfully steward wealth.

Private businesses have been a cornerstone of the U.S. across its 250-year history. Here, we take a closer look at private businesses’ and their owners’ significant contributions to the U.S. economy, historical milestones, and heritage.

EBITDA is a central part of the language of finance, but it doesn’t always tell the full story. Head of Corporate Advisory John Secor and Managing Director Alex Rohr explain why cash conversion is what ultimately drives value.

Preparing the next generation to successfully steward wealth goes beyond having your estate planning documents in order. Ben Persofsky, the head of the BBH Center for Family Business, discusses why teaching your children how to handle wealth starts with talking about it.

As investor demand for actively managed ETFs accelerates and managers rethink their product structures, it is no longer just the wrapper that is changing – it is the underlying investment architecture and the operational infrastructure required to support it. 

Analysts ponder what a new US Federal Reserve chair might mean for markets.

Senior Wealth Planner Alison Hutchinson and Wealth Planner Peter Mezey delve into the advantages of intra-family loans in a rising interest rate environment.

Growing market complexity and rising operational, technology, and regulatory costs are creating challenges for asset managers and a need to re-evaluate operating models.

Growing interest in semi-liquid ‘evergreen’ funds shows few signs of flagging despite some nagging doubts over potential liquidity issues. Here, we examine some possible pathways to successful European distribution of these products.

Considering going back to school? BBH relationship managers provide firsthand insight on choosing between a CFA, CFP, or an MBA when pursuing post-grad education.