Since the early 1900s, wealthy families have borrowed from corporate America to draft mission statements or similar declarations to define their shared values and legacy.
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Based on the voices of 2,650 successful business owners across Europe, Asia, the United States and the Middle East, the Global Entrepreneur Report examines the characteristics and motivators of Elite Entrepreneurs with a total net worth of $40 billion. They are highly motivated, resourceful and skillful in the art and science of entrepreneurialism. When looking deeper in the characteristics of what makes an entrepreneur distinct, patterns emerge and are clearer to see when considering the entrepreneurs by their generation, gender, or even by their practice of entrepreneurialism.
If you are wondering how it is possible that everyone in your family is offering an excuse for missing the family meeting date, then it is time for some new ideas or approaches to turn these meetings into events that no one wants to miss. How? By planning a purposeful family event that also happens to include the family meeting. In addition, it will go a long way toward increasing a sense of purpose and engagement when it is organized around the right location, meeting format and family bonding activities.
Originally presented at the August, 2017 FOX Regional Member Briefing in Chicago, IL.Presenter:Rhona E. Vogel, CPA, CEO and Founder of Vogel Consulting
The families with the strongest governance plans are those that survive the most challenging times. They understand the importance of listening to younger generations and bringing them into the decision-making process. Other families find it more challenging to discuss wealth issues openly and to share decision making.
Companies manage many risks, and it’s easy for boards to get bogged down discussing financial and compliance risks. But that can mean they’re not paying enough attention to risks that are truly critical, including cybersecurity that is continually evolving or threatening. Directors need to make sure they have an effective risk management (ERM) program and are focusing on the right key risks—the ones that could spell success or failure for the company.
One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations. The steps to giving wisely—and fostering flourishing over entitlement—include clarifying your intentions, understanding your recipients, communicating more rather than less, and letting go of what you cannot control.
This webinar analyzed the meaning and understanding of “situs” as it relates to Private Family Trust Companies, and focused specifically on the concepts of trust company situs, trust situs, and tax situs. Many people, in and out of the trust industry, utilize the term “situs” without a clear understanding of its many meanings. The speaker evaluated situs in terms of three relatively easy to understand precepts: trust company situs, trust situs, and tax situs with a focus on what to do “in” and “out” of a particular to state.
New findings in brain science and neuroplasticity provide clues on how to create and sustain better leaders, especially within family enterprises. Consider some of the roles and functions we commonly associate with effective leadership in such enterprises: clarifying vision; leading change; creating strong connections between disparate groups; making decisions; and overseeing the big-picture perspective. Each of these aspects of leadership requires elaborate orchestration of various neural networks across the brain structures.
Single family offices are increasingly faced with the topic of succession whether triggered by an upcoming departure of a family office executive or a broader transition in generational family leadership.