Over time, successful multi-generational families develop their governance processes and structures. Two common building blocks of governance—the Family Assembly and the Family Council—are particularly important for the flourishing of each family and enterprise. These governing bodies provide critical forums for communication, education, problem-solving, and inter-generational connection and provide much-needed opportunities for developing shared agreements and making mutual decisions.
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Anyone who has participated in the acquisition or sale of a company will recognize the typical path of a deal: from flirting to tough questions to hard bargaining to—finally—handshake. Inevitably, however, the road detours from the exhilaration of accord to the anxiety of suspicion. The buyer wants assurance that all the seller's promises are true and that there are not going to be any surprises once the acquisition is consummated.
An increasing number of private clients are contemplating scaling back or exiting their fossil fuel-concentrated holdings as governments around the world fortify plans to reduce greenhouse gas emissions amid heightened awareness around the negative effects of carbon discharges on global warming. Even as many investors have committed to the movement that is broadly referred to as fossil fuel divestment, many more have researched and decided to not pursue divestment at this time. Private clients should weigh all factors prior to making any decisions regarding divestment.
On September 7, Equifax, one of the three major credit agencies, announced that it had suffered a major data breach.
The raison d’être for families to form a Private Family Trust Company (PFTC) is to maximize their lawful control over their wealth held in trust. A cynic might suggest families want that control just to inflate current distributions to family members, but in practice that isn’t what motivates families. What motivates them is that control gives them the capability to devise and implement a strategic plan for managing and deploying their wealth in the ways they believe give them the best opportunity to realize multigenerational hopes and aspiration.
One of the best ways to help ensure the safety of your family and friends while aboard your boat is to identify common maintenance items before they become a problem. And if your boat is hauled out for winter storage, there are important recommendations to follow to help ensure that your boat will be ready for safe and reliable cruising again next year. It is also essential to consider a marine survey. Having a periodic inspection by a qualified, independent marine surveyor is a critical part of all boat ownership, and is particularly crucial for aging, gasoline-powered boats.
The internet and connected devices are transforming the world, mostly for the better. But for all the advantages cyberspace brings, there are also growing risks for businesses and families, all of which are relevant for family offices. We’re all vulnerable, but wealthy families are particularly attractive targets in the eyes of cybercriminals. Learn how it's possible to manage cyber risks, while taking full advantage of digital technology.
A foundation is a powerful platform through which families can address the challenges in society about which they care about most. Yet, most families only use a small portion of their foundation assets to pursue their philanthropic missions. As families grapple with the scale of funding solutions to the world’s toughest challenges, many are turning to impact investing as a powerful tool for maximizing a foundation’s assets for good.
Lack of business succession planning is a surefire way to lose the family business you’ve worked hard to create. To help you maximize your legacy’s ultimate value, you can implement several wealth transfer strategies and diversification alternatives to preserve your wealth and transition your business to future generations. With a holistic and solid plan in place, you will not only help your successors take over your company, but also help to reduce the estate tax burden on the next generation.
Research indicates that multigenerational involvement is the single most important factor in sustaining family wealth into the third generation and beyond. Furthermore, the families that most successfully integrate younger members into their family operations seem to share the same philosophies and core values. It’s a family enterprise mindset that prepares the rising generation to be able to step in immediately and manage the family’s financial assets, run the enterprises, and preserve the culture and legacy.