You know how much hard work you had to exert to earn and accumulate your family’s wealth. How much do you “share” with your following generations and do you control how they spend what you do share with them? You do not wish to turn your following generations into entitled and unambitious inheritors? Do you? […]
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Summer is the time for taking some rest, relaxation and sometimes seeking adventure. Having just returned from a 3 generation 10 day eastern Canada journey – I can now quietly reflect on the frenetic time together. This was a great opportunity for my family to enjoy the company of each other. How often can one […]
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In a family enterprise, there can be many levels of governance = systems and procedures for decision making. In the strict legal sense, those who hold the votes, can elect the board of directors and thereby control the enterprise. Let’s summarize about the best practices for “chain of command” in an enteprise. This can help […]
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I am currently working with a family on a succession plan. One ingredient was missing in our plan, which, after much investigation turned out to be open communication. We have gotten through the technical aspects related to the succession plan. We are planning to put in place an estate freeze. However, based on the feedback […]
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You have worked long and hard to build your family enterprise. You know many aspects of the enterprise innately because of your familiarity having built this enterprise. Do you think your family understands and shares this depth of financial knowledge about the business? One day, it may be theirs and you may not be around. […]
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