In a series of articles, the author has written about problems of trust and distrust in family enterprises. In the third in the series, he discusses a fictionalized case of an owner who resists forming, or even learning about, professional family offices. The article analyzes ways advisors can persist (without being fired) in raising the issues a founder needs to address for the family's long-term health.
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Thoughtful and discerning families of wealth understand that they have a responsibility to create the framework for a family legacy plan that promotes family continuity, manages change within the family, and articulates clear roles for all of the wealth owners in the family.
This paper addresses the options families have for investment education and offers basic direction for getting a true junior investment club off the ground. Contents include: --Five questions for families considering a junior investment club --Developmental options for investment education --Alternatives to true investment clubs --What is a junior investment club? --Why a junior investment club? --How to start an investment club --How to run an investment club --Sources and additional resources
Amid growing interest in private trust companies as an alternative to single family offices, which may become subject to SEC registration, the authors outline the types, popular venues, and key benefits of private trust companies for wealth owners.
Parents who are concerned about family harmony after their deaths are wise to address the issues of estate equalization as a key element of their estate and business planning. Most of the problems that would create disharmony among their children can be handled with careful thought and with wills, trusts and business agreements that clearly dictate the legacy plan.
Like the ancient Greeks, modern families need family governance to meet the challenge of preserving and transferring wealth across generations. A successful plan needs to look beyond financial capital to consider family assets, such as talent, education, experience, faith and values.
Family dynamics often play a critical role in the long-term success of family businesses, and women's relational and interpersonal skills tend to make them well-equipped to manage these issues. Effective leadership within the family business is, now more than ever, dependent on the inherent relational skills that a woman can bring to the business.
The five stages of raising the next wealth owning generation of a family and principals of each stage.
This 2010 FOX Fall Forum session is designed to help younger family members learn how to more effectively put their generations’ talents and skills to work in leading the family enterprise. Participants will acquire techniques for helping family members identify and recognize their talents, understand some of the common challenges and pitfalls in family talent management and how to avoid them, assess their own next generation “talent map” and discuss their experiences with fellow participants from other families.
Insecurity about how much to trust others is the number one source of family conflict. Trusting others – whether managing partners, siblings, in-laws or the next generation – is a process of risk management. In this FOX 2010 Fall Forum presentation, the presenters apply that insight to the challenges of building trust between current leaders of a family, and those from among whom the successor leaders must arise. We will learn the process of moving unequal partners toward mutual trust and respect.