Have you considered what your relationship with money tells your family? Everyone has a different inner connection with money. Savers may feel security from saving. Spenders may need to experience living in the moment. Some people find displays of wealth shameful.

Most wealth conversations focus on accumulation. However, once you are in a position to transition wealth, it is important to understand how each member of your family connects money with their actions and identity. This the foundation of wealth succession.

Intergenerational Wealth Strategy

“Intergenerational wealth strategy includes investing with the consideration of family dynamics, skills, or interests. We believe in building by quarter century, not quarterly report.”

Carolyn J. Cole

Succession or Continuity

There are important distinctions between succession planning and continuity planning.

Succession focuses on legal documents that take effect at a point in time. These documents include items such as your Last Will and Testament, Powers of Attorney, and Trust Indentures. Decisions about roles and responsibilities relating to these documents, as well as ownership transition, are addressed.

Continuity planning is a process that prepares a family before a succession point and supports them thereafter. It is about understanding individuals and relationships while trying to identify where conflicts may arise or where teaching may be required. Continuity is about keeping families together through the decisions that are made in the succession documents. It focuses on educating and guiding the next generation for their future roles and responsibilities in the context of succession.

Both succession documents and continuity planning are important if you intend to stay together as an enterprising family. Succession points have the tendency to be exceptionally stressful, and they don’t always bring out the best in people. Succession and continuity planning are both critical for the longevity of family unity.

Advanced clarity on intentions can assist in maintaining family harmony especially if there are enterprises involved.

Nepotism as an Advantage

Can aspects of nepotism be an advantage to an enterprising family? The human race has flourished for thousands of years by teaching skills to offspring. The techniques of farming, herding, weaving and wine making were mastered and carefully passed down from generation to generation. Was this nepotism or learning through exposure and example?

Hiring family into your business can have many positives as well as negatives. How can your family members become part of your business in a constructive way? What impact could this decision have on your employees and your bottom line? This is a delicate equilibrium and there are best practices to apply. Is it wrong to want your children to have an advantage based on the years of blood, sweat and tears you have put into their future?

Nepotism in public companies and government offices should be viewed differently than in private family enterprises.

Finding Qualified Resources

How do you find qualified professionals to work and support the unique circumstances and dynamics of your family and its enterprises. Delivering family offices services takes a team and their efficiency becomes your efficiency.

The words “family office” are suddenly arriving on websites for investment firms, accounting firms and insurance providers. Can you differentiate the real experts from the “pop-up experts”? Let’s discuss who is already on your team, what your needs will be and how to source additional qualified professionals to help accomplish your objectives.

Before you begin searching for qualified experts, pause to understand what your requirements are and what types of professionals can satisfy those needs.