Category: Family Legacy
Taking time to reflect – my weekly perspective
Life is short so take advantage of the time that you have. Make sure you pause to savour the moment and the precious time with the people who really mean something to you. Why am I so reflective? Three people who I thought I knew reasonably well, have passed on, unexpectedly, right in the prime […]
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Sudden wealth syndrome – some thoughts, my weekly perspective
“If a man is proud of his wealth, he should not be praised until we know how he employs it.” – Socrates I have seen this same story replayed too many times. A family sells its business and is left with two burdens, a lot of money and a sizeable tax bill. The lead up […]
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Asset allocation – should I review this for my family enterprise? – my weekly perspective
Do you have any idea of how much of your family’s worth is invested in your family business? What about other assets which have a meaningful value? Here in Vancouver (Canada), I have seen the net worth of families grow exponentially because of our long and significant increase in real estate values. This increase has […]
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Coach put me in – my weekly perspective
A great coach assesses the team and is granted the decisions on who is to play, when and with which other team mates . Balancing a team is all about:
WILL – SKILL – TEAM.
Sharing the story – how to start a conversation – my weekly perspective
The succession of a business requires an abundance of conversations to work successfully. Many families with whom I consult often are waiting for an epiphany (or worse a serious health or other issue arises) to begin the conversation. Your takeaway today, start the conversation with your family. The challenge is what can we speak about […]
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Not always all about the business; have you had a vacation? – my weekly perspective
Having a family vacation is a rare opportunity and luxury with our full lives. Where we go or what we do does not matter as much. What matters are the benefits of a vacation, which include: – 24/7 quality time together – time for reflection away from the workplace – shared experiences, including meals, sitting […]
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Where to look for a successor – what if a family member is not interested? – my weekly perspective
Not all family businesses are destined to remain within the family. This is an unfortunate reality and the stats prove this fact out. Only about 50% of family businesses remain within the family after the second generation and about 15% stay with the family after the third generation. Sobering statistics. Depending on the size of […]
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Financial literacy and your family – my weekly blog
We were all brought up uniquely with different values. This becomes apparent especially when money and wealth are involved. And this can become apparent in a relationship. One of the leading reasons for separation and divorce is over money, often because in some families, it is a taboo subject, not to be discussed. Misunderstandings can […]
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The family black sheep – what to do? – my weekly perspective
What do you do when one of the second generation is not compatible with the rest of his/her siblings? This can pose a problem when that child is serving in a responsible role within the business or if that child is a shareholder. Let’s discuss each of these scenarios. In a business, diverse opinions can […]
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Children working in the business? – my weekly perspective
If your business hires entry level employees, this environment may present a great opportunity for your children to learn about the family business from the ground up. Only then, can they appreciate the challenges, breakthroughs and corporate goals and objectives of the business that they, one day, could own and work in. Remember to try […]
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Learning from mistakes – the succession journey, my weekly perspective
The journey through succession is unique and fraught with bumps. The goal is simple; ensure an orderly transition of your business, governance and wealth to the next generation(s). However, you can expect that due to personalities, communication styles and differing interests, you will encounter some challenges. This is normal. I liken the succession journey to […]
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Educate – financial literacy of our children. My weekly perspective
Do you have the responsibility to raise children (could now be adults) so that they are prepared to inherit wealth? A mere $ 42 trillion will be passing to the next generation in the next 20-30 years. If you do not take active steps to get them ready for the responsibility that wealth brings, then how will these children otherwise get prepared? Many parents try to raise their children and share their values. Do you as parents also talk about financial literacy?
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