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Archive for the 'family governance' Category

A “human and intellectual capital” resumé

How do you help your family members write personal resumés that will help your family account for all of its “human and ”? Here’s one model.

[If you haven't read my preceding post about Family wealth, unique abilities, and personal resumés, I think you'll want to read it. It explains the basic idea of the "human and " resumé that "includes everything the particular family member believes her or his best friend might know."]

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Establishing good family government

James Hughes’ Family Wealth is exceptionally practical. With Hughes’ book, I felt all the recommendations Williams and Preisser made took on real, actionable qualities. I sensed I knew what our family needed to do and how we could move forward positively for (literally) generations into the future.

In sum: the way a family can move forward positively for generations is to establish a . Read the rest of this entry »

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More insights from Williams & Preisser’s Preparing Heirs

Yesterday I shared a list of the top characteristics of families who successfully transferred their wealth from one generation to the next.

Perhaps the most important summary characteristic: all family members–including spouses–are involved in the process. In addition, the family has developed what Williams and Preisser call a Mission Statement (what I believe Link calls a Letter of Intent: although Link seems to encourage more privacy or–depending on how you look at it–secrecy on the part of the parents; less openness à la Williams and Preisser).

Williams and Preisser, however, list some additional characteristics of families who are well-prepared for . Read the rest of this entry »

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Two Valuable Legacy Planning Books–Even if you have limited financial resources

I read two books while on vacation the last couple of weeks: Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams and Vic Preisser, and Family Wealth: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations, by James E. Hughes, Jr.

Preparing Heirs goes into depth about the research behind a number one of our advisors mentioned to us: in a study of 3,250 families with significant financial , 70% of them failed to transfer their successfully to the next generation. What does that mean? They either lost all their money, or they found that the money destroyed family relationships. It blew the family apart in the inheriting generation.

When I read Preparing Heirs, I thought it provided some good insights, especially into the causes of failure. Read the rest of this entry »

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