Bridging the Divide: Impactful Family CommunicationsDaisy Medici, Managing Director, Governance and Education, GenSpring Family Offices Ineffective communications between and among family members often creates a divide that is difficult to overcome. Communicating effectively, however, is not an easy task that necessitates mastery of communication types, temperament, emphatic listening skills and a keen understanding of the real and perceived meanings of words and attitudes.
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All in the Family: The Risk and Rewards of a Family BankWarner King Babcock, AM Private Enterprises, Inc.; and Karen Neal, Managing Director, Consulting, Family Office Exchange Stimulating…and funding…entrepreneurship within a family enterprise can become risky business. How do you find the balance between encouraging the next generation of wealth creators while minimizing financial exposure and risk to the enterprise?
Future Owners of Impact: Empowering the Younger GenerationDanielle Oristian York, Director, 21/64 The next generation can bring unique skills and perspectives to the philanthropic community. However, the prospect of engaging the next generation can be daunting. Next-generation family members have grown up with access to broader opportunities fueled by information technology, increased diversity and global connectedness. The questions they ask, language they use, and even their values and priorities change the way the family communicates.
With wealth comes responsibility—a challenge that daunts some families, but inspires others. Two families, from the myriad of FOX families who engage their wealth in high impact activities, shared their personal stories of what they did more, better and differently to initiate a Butterfly Effect within their family and community. Below is the video sharing an interview of Andrew Hauptman of Andell, Inc.
Families often complain about the challenge of getting siblings and cousins more engaged in business and family activities. There is a great divide between the “make it happen” people and the “watch it happen” people in the family, and a risk of burnout for the family members who are providing the leadership.
Families often complain about the challenge of getting siblings and cousins more engaged in business and family activities. There is a great divide between the “make it happen” people and the “watch it happen” people in the family, and a risk of burnout for the family members who are providing the leadership.
Carl Robinson, Ph.D., Managing Partner, Vantage Leadership Consulting In a family enterprise, the greatest challenge is to engage family members effectively in leadership roles and governing board participation. The development of future leaders in the family is critical to its future, and the leaders' participation in family governance is key to sustaining the enterprise. As team of nationally recognized leadership consultants he will put a spotlight on the critical leadership skills needed in a complex family enterprise.
Planning discussions about wishes are often reduced to how wealth should be distributed or utilized when the principal dies. However, wealthy individuals may be better served by a much broader discussion of how to build a family legacy that generates social and economic wealth, creates family unity and transcends time.
Preserving and managing tangible wealth in a complex and uncertain world can be a challenge. However, the greatest challenge individuals and their families might face is defining, reflecting on and expressing what their wealth really means.
It has always been the case that courts could consider resources available to one spouse from a trust in deciding how to divide marital property or whether to award maintenance. However, there are trends in several states to make trusts a larger part of the process of dividing assets in a divorce. Because of these trends, it is not necessarily enough just to have a trust. The type of trust can make a difference.