Family wealth preservation is not guaranteed simply by effectively managing a family’s wealth. The most successful multigenerational families all share five key attributes. FOX Foresight keeps you up to date on our latest thinking about matters affecting Enterprise Families. It gives you our forward look on what we're learning from our members and subject matter experts. Please share it broadly with your family, your office, and your advisors
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As families grow larger and more diffused—the epitome of an enterprise family—consensus seems ever more difficult to attain. In this Q&A, FOX’s Chief Learning Officer Mindy Kalinowski Earley and principal Jeff Strese of Jeff Strese Consulting Group discuss how families can reduce conflict by taking a consensus-building approach that can navigate family transitions and avoid choppy waters in times of uncertainty. Jeff also provides insights on how fostering innovation and new thinking is key to enterprise survival.
In this webcast, join host Joline Godfrey, Managing Director of Family Learning & Programming for the Hawthorn Institute for Family Success, in a conversation on the hazards and opportunities of bringing newcomers into the Family Enterprise experience. During this webcast, Joline will:
Approaching Prenuptial Agreements Positively
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The mere word “prenup” strikes fear and anxiety into the hearts of most who hear it. When we realize we have to broach this topic, our thoughts immediately jump to the worst-case scenario - a broken engagement. Or we envision suffering through months of arguments and negotiations to please a family that doesn’t seem to trust our judgment or future spouse. However, Prenuptial Agreements get a bad rap since their real purpose is to avoid future disputes rather than to create present conflict.
Family Gatherings and Preserving Memories
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Stories that are passed down from generation to generation are a way to create a family legacy that will be remembered long after we are gone. These stories are precious in understanding who we are and where we came from. Too often, the people who hold the keys to family stories lose details to memory loss or pass away before their histories can be recorded. Vacation time and the holiday season are ripe opportunities for families to seize the moment to capture family history across generations.
Managing Sibling Wealth Disparity
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Forging a close relationship among siblings during childhood is hard enough, but as siblings become adults, the development of disparities in wealth can challenge even the strongest relationships. In business-owning families, the potential ramifications not only affect the personal lives of the immediate family, it can also disrupt the alignment of corporate vision, tolerance for risk and the overall decision making abilities of everyone involved. This article discusses a number of ways to mitigate and manage sibling wealth disparity.