Research indicates that multigenerational involvement is the single most important factor in sustaining family wealth into the third generation and beyond. Furthermore, the families that most successfully integrate younger members into their family operations seem to share the same philosophies and core values. It’s a family enterprise mindset that...
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At the start of a family enterprise journey, there is often a patriarch (or matriarch) who was both an entrepreneur and a leader who overcame uncertainty or adversity to create something very special with the potential to last for many generations. For the families seeking to sustain their legacies, there will come a time for the patriarchs to move...
Avoiding the issue of succession planning is much easier than starting a conversation about handing over the reins to other family members. But avoidance does not defer the inevitable, and it puts family harmony and wealth at risk. As patriarchs and matriarchs of wealth families confront the issue of succession planning, there are seven questions f...
Families often find it challenging to talk about long-term plans and wishes of their aging parents. But it’s never a good idea to wait until there’s a crisis to rally family members together on a plan that will address mom or dad’s needs and wishes regarding healthcare, living arrangements, and long-term financial care. Knowing how to get the conve...
Succession will happen—it’s a matter of when, not if—so families should approach it with strategic forethought, flexibility, and responsiveness to ensure a smooth, successful transition. Through three different scenarios that encompass most transitions, learn how the decision-making process succession varies in significant ways across those scenari...
Most small businesses begin their financial lives using Intuit's QuickBooks, but if your business has moved beyond the entry level, your organization may be facing a number of challenges as you hit the limits of QuickBooks’ functionality. With the right framework and guidelines, you can assess the hidden costs of continuing to use QuickBooks along ...
Succession is not just about money or property. It means confronting family relationships and taking the time to make sure that the drivers for succession planning connect personal motivations, the purpose of wealth, and specific family issues. It requires an emotional commitment to a process that once started must run its course, including having ...
Traditionally, wealth advisors use a succession planning framework that involves working with the founders to look downstream to the next generation for an effective “passing of the baton” strategy. In contrast, a multi-generational approach encourages each person within the family system to contemplate and share with others where they’ve come from...
Whether you and your family split financial responsibilities or delegate them to one person, it is critical for your family members to have access to all your financial information. Use this guidebook created by Northern Trust to detail the location of important documents, accounts, and plans. Designed as a fillable and easy-to-update resource, it ...
Robust governance practices form the cornerstone of success for the family wealth enterprise, and ongoing succession planning is one element of a mature governance system. As family considers its future succession, it is vital to understand why a well-conceived plan is so important and what the critical elements of the plan entail. Here, we outline...
Many affluent families assume their financial affairs and financial reporting are straightforward, yet they often involve complexities like multiple trusts and private equity investments. This can lead to frustration over the lack of comprehensive financial insights. While bookkeeping tracks financial inputs, it doesn’t provide strategic insights t...