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Succession planning for a family business inevitably requires planning for the transition of the management team. This transition presents several challenges, including dealing with non-family managers and with a family member who is not suited for a leadership role in the business. These difficulties are not insurmountable, and, with clear communi...

The question Virginia “Ginny” Esposito, Founder of the National Center for Family Philanthropy, gets asked the most, is “How can I engage my family in philanthropy?” In this episode, Ginny highlights what family business is and common trends in the work she has been in for over 30 years. She has lots of wisdom for parents an...

Since the age of 14, Angus McRae had been the sole caretaker of the Markham family lodge and its surrounding 800 acres, where the Markham family connected and bonded. The original Markham brothers had bought the property in rural Quebec Province from Angus’ forebears who were the first people to settle the area. Five generations of the Markha...

If you are a newer family foundation with one or two generations on the board, five generations may seem like a long time away. Yet in family philanthropy, quite a few foundations have been operating and thriving for 50, 75, even 100 years. What’s the secret of these family philanthropies that make it five generations, and across family branches? H...

Until recently, many families filled key governance roles associated with their trust and estate planning with trusted friends, colleagues, or advisors who were flattered to be asked and honored to serve. But many are now ready to retire and there is a shift in who is recruited—and willing—to take over. Top-caliber directors and t...

Because of social and cultural changes that have increased women’s control of wealth, this paper seeks to help families navigate this newer development—where the female partner’s inherited wealth significantly exceeds that which her spouse is likely to generate through his own inheritance or work. It begins with McKayla’s st...

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. And much like the corporate world, not everyone agrees on the term “mission statement.” Many families and advisors prefer words like purpose and vision. Whatever forma...

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 wil...

This paper will examine ways to lessen six of the greatest risks to preserving and enjoying multigenerational wealth. These six risks are: concentrating your assets, overspending, overusing leverage, poor tax planning, not attending to liabilities, ignoring family governance

Adult children, who one day will manage a family's wealth, need to understand the values and investment strategies of older family members. This article from Northern Trust shows how a family's elder statesmen can pass on a family legacy of more than money to ensure continuity and financial security for future generations.

Solving complex social problems can require breaking down the barriers of centuries-old political, social and ethnic conflicts. This article from Synergos explores the concept of bridging leadership as a method of bringing opposing groups and diverse leaders together for social change.

The current economic environment offers parents the opportunity to educate their children about the transience of wealth and the need for self-reliance. This paper from Relative Solutions offers suggestions for overcoming a sense of entitlement and for increasing responsibility among next-generation family members.

A hundred years is a long time. It is especially long in an age of the Internet, cell phones and Blackberrys. Society is also very much focused on instant results. Nevertheless, planning for the next 100 years is one of the most critical tasks a wealthy family faces today. With this 100-year plan, a family sets in motion a culture and philosophy th...

Based on a global survey of high-net worth individuals, including almost 300 family business owners, the eighth instalment of Barclays Wealth Insights provides fresh analysis into the state of family businesses around the world today. The report will assess the current situation and prospects of family businesses, and examine in detail their un...

As their personal wealth and educational levels have increased, women have sought a more equal and active role in family governance, philanthropy, and business and financial planning. This article from RayLign explores the changes that have empowered women and how those changing roles affect family leadership, decision-making and relationships.