Like many families, you may be involved in running businesses or other types of investments together with other family members, but is this necessarily the right choice? Should you consider breaking away and creating your own path. The decision on whether to stick together or unbundle collective assets into separate ownership and investment structures will perhaps be one of the most difficult decisions a family will ever confront. There are advantages and disadvantages to both.
Evolution of the Family Journey
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If Money Talks, So Should You
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How much capital does your family have? Is there enough to secure a stable and happy future for you and your children, or even for your children’s children? When the topic is one of financial capital, these are likely familiar questions to anyone dealing with wealth transfer concerns. But what many families often fail to see is the opportunity to build “relationship capital” through engaging conversations — a more intangible but equally important step to incorporate when you are establishing your family’s wealth planning goals.
By identifying and addressing potential risks, family offices and enterprise families can proactively mitigate potential threats, protect their assets, and minimize the likelihood and impact of negative events. With insights and sound advice from the FOX community, discover the best practices for risk management and build resiliency into your enterprise—ultimately enhancing operational efficiencies, enabling better decision-making, and ensuring long-term sustainability.
There's a structural, philosophical, and cultural transformation taking place with the family journey. It's a paradigm shift toward an enterprise mindset that better balances managing the family's financial capital and nurturing its other capitals, especially the well-being of its members. Learning from the collective perspectives through the years and the forward-thinking practices gathered here, families who build from their strong foundation of success and values will continue to thrive and flourish across generations.