This article provides pointers to younger generation family members about how to build the confidence necessary to make decisions involving being more independent from the family such as deciding whether it's time to move out of the family home, to go to college, or to move into a residence of their own.
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This paper explores how private foundations can plan for changes in leadership in order to weather the transition as a cohesive, effective unit. Some of the risks and rewards of planning for change—or failing to do so—are discussed.
With some care and effort, your family’s story can live on and grow with each new generation. This article describes the process of creating a family archive: a treasure trove of historical information about family decendants, business accomplishements and important events. Helpful tips such as archival vendors and types of materials to use are included.
The vitality and longevity of a mature family enterprise depend on three key value drivers: the family economic engine, including both business and financial assets; the family itself, its culture and members; and “leakages” that include both cash flow management and estate planning.
Entrepreneurial stewardship is the key to perpetuating family wealth through multiple generations. Stuart Lucas and David Lansky discuss some of the paradoxes of maintaining a healthy, wealthy multigenerational family and how to address effectively these paradoxes.
Why is an American who has spent over a quarter century managing financial assets for his family cautioning you against selling your family business? The author urges you to think twice before selling your business.
Many wealthy families envision keeping a shared property in the family as a means of building family unity, harmony and legacy. A number of notable families have been successful at this, but many others find the reality creates the opposite of their intention.
What are the leadership attributes and behaviors that wealth owners need to embody in order to promote long-term wealth sustainability and family continuity in 21st century? How do they differ, if at all, from the past? Karen Neal, FOX Managing Director of Consulting, will facilitate a dialogue, drawing on a family example presented by 4th gen family member, Preston Root. Preston is the President of his family’s board of directors after assuming leadership responsibilities from his mother.
Sara Hamilton, CEO and Founder of FOX, will share the FOX research on some of the key trends and issues that will change the landscape for business owning families over the next decade. Sara will outline key questions that advisors need to pose to their business owner clients who are facing critical transitions, and the panel participants and the attendees will address these issues.
Families that marry the strength of individualism with a more inclusive, long-term mindset can capture the best of both worlds. They can improve on a traditional foundation with diversified business interests and strategically populate affiliated ventures with members of the extended family.