The COVID-19 pandemic presented the entire world with unprecedented challenges. Although it may be uncomfortable to contemplate, the reality of the growing necessity of funeral planning presents family offices with a sudden and unexpected series of events that must be faced.
The unprecedented speed, intensity, and uncertainty of COVID-19 has created a host of new and complex challenges for wealthy families that are playing out across both financial and family dynamics. There's no doubt it is a financial and business challenge, but it is also a very human one. To assist family office leaders and the families they su...
Thoughtful planning before the sale of a business can yield many benefits to its owner, including ensuring the owner’s family is financially protected if something unexpected happens to the owner or the business before a sale, reducing potential family conflicts that may arise as a result of a potential sale and minimizing the impact of futur...
In examining the process of transitioning the ownership and management of a family business, this paper discusses pre-transition planning, considers the challenges of intergenerational ownership transfers vs. third-party sales, and proposes a framework for meeting family and business goals through the process.
Giving forethought to difficult circumstances can provide important clarity that helps companies avoid worst-case scenarios. Owners can begin by being as objective as possible, treating shares and structure with respect and thinking of the next generation.
Bruce Golden of Accel Partners has been recognized as one of the top 100 venture capitalists in Forbes’ Midas List of tech investors. He also sits on the boards of several public and private companies. In a recent interview, he shared his perspective as both a board member and investor, and explained how communication and measurement are the ...
As a result of the Wall Street Reform and Consumer Protection Act, the private family trust company (PFTC) has becomie a very popular vehicle to provide not only Family Office SEC exemption but also trust administration to the ultra wealthy inter-generationally and several additional tax and non-tax advantages. This memo identifies several of ...
Because wealth often creates shared assets, joint decisions are required. And not infrequently, the children of wealth may not be as financially motivated as were earlier generations. In this white paper, the authors discuss strategies to establish governance practices to help families preserve both wealth and family harmony – and creat...
This article provides pointers to younger generation family members about how to build the confidence necessary to make decisions involving being more independent from the family such as deciding whether it's time to move out of the family home, to go to college, or to move into a residence of their own.
In his latest research study, Dennis Jaffe and research contributors from Family Business Network, Family Office Exchange, and Stetson University’s Family Enterprise Center interviewed 38 families that have managed to overcome the adage “shirtsleeves to shirtsleeves in three generations.” The report discusses the...
This paper explores how private foundations can plan for changes in leadership in order to weather the transition as a cohesive, effective unit. Some of the risks and rewards of planning for change—or failing to do so—are discussed.
With some care and effort, your family’s story can live on and grow with each new generation. This article describes the process of creating a family archive: a treasure trove of historical information about family decendants, business accomplishements and important events. Helpful tips such as archival vendors and types of materi...
Why is an American who has spent over a quarter century managing financial assets for his family cautioning you against selling your family business? The author urges you to think twice before selling your business.
Entrepreneurial stewardship is the key to perpetuating family wealth through multiple generations. Stuart Lucas and David Lansky discuss some of the paradoxes of maintaining a healthy, wealthy multigenerational family and how to address effectively these paradoxes. The article explains how entrepreneurial stewardship can be a key to perpetuat...
The vitality and longevity of a mature family enterprise depend on three key value drivers: the family economic engine, including both business and financial assets; the family itself, its culture and members; and “leakages” that include both cash flow management and estate planning. By operating in this context so that you manage your ...