Category: Family Legacy
Financial literacy to make the family stronger ...
Posted by Michael Louie | Nov 12, 2023 | Family Legacy | 0
Building a brand – successful succession, my...
Posted by Michael Louie | Oct 29, 2023 | Family Legacy | 0
The power of why ? my weekly perspective
Posted by Michael Louie | Nov 27, 2022 | Family Legacy | 0
A poem of reflection, a perspective
Posted by Michael Louie | Nov 13, 2022 | Family Legacy | 0
Asset allocation – should I review this for my family enterprise? – my weekly perspective
by Michael Louie | Oct 27, 2024 | Family Legacy, Tax Planning | 0
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 […]
Read MoreCoach put me in – my weekly perspective
by Michael Louie | Aug 18, 2024 | Family Business Succession Planning Guides and comments, Family Legacy | 0
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
by Michael Louie | May 12, 2024 | Family Legacy | 0
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 […]
Read MoreNot always all about the business; have you had a vacation? – my weekly perspective
by Michael Louie | Apr 28, 2024 | Family Business, Family Legacy | 0
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 […]
Read MoreWhere to look for a successor – what if a family member is not interested? – my weekly perspective
by Michael Louie | Apr 14, 2024 | Family Legacy, Succession Planning | 0
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 […]
Read MoreFinancial literacy and your family – my weekly blog
by Michael Louie | Mar 31, 2024 | Family Legacy | 0
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 […]
Read MoreThe family black sheep – what to do? – my weekly perspective
by Michael Louie | Mar 3, 2024 | Family Legacy | 0
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 […]
Read MoreChildren working in the business? – my weekly perspective
by Michael Louie | Feb 18, 2024 | Family Legacy | 0
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 […]
Read MoreLearning from mistakes – the succession journey, my weekly perspective
by Michael Louie | Feb 4, 2024 | Family Legacy, Succession Planning | 0
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 […]
Read MoreEducate – financial literacy of our children. My weekly perspective
by Michael Louie | Jan 7, 2024 | Family Legacy | 0
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?
Read MoreOwners and financial literacy – my weekly perspective
by Michael Louie | Dec 10, 2023 | Family Legacy | 0
A pet peeve of mine is where the owners of a business either are not interested or have not yet taken the time to learn more about the financial aspects of the business. In these circumstances, the financial literacy for such family members can and should be improved. Many family owners are happy to cash […]
Read MoreMake yourself obsolete – my weekly perspective
by Michael Louie | Nov 26, 2023 | Family Legacy | 0
The goal of succession, as crass as it may sound, is an exercise of accomplishing the goal of making you and your role in the family enterprise obsolete. This does not mean that your company will move beyond you, it simply means that you work to make the business able to function (with people and […]
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