Family Office Management
Getting the conversation started
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Focusing on the purpose of family wealth and what matters most about being a successful family is an extremely valuable exercise. It facilitates many catalysts for clear roadmaps for the enjoyment of life, risk-appropriate investment and tax efficient and fit for purpose structures. Of equal importance, families discover what appropriate family meetings are required and adopt a governance model to enable open conversations and shared accountability.

Understanding purpose feeds into the one area where families are known to get nervous and procrastinate. I am talking about a thorough succession review leading to a reviewable plan with clear solutions, so that when you ask the many questions starting with "what if..." you will be assured that you know the "who", "what", "when" and "how" your family wealth will be controlled and transferred. You will be meeting your accountability to transfer stewardship in the best way possible.

But what makes people anxious to start talking about succession? Why do they procrastinate over decisions which carry such a long-term impact? Why do some prefer to "let the family work it out when they are gone"?


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