Part 2 - Defining our Legacy - Flipbook - Page 21
“
I am very concerned about the risks of depositing
large amounts of unearned capital on my
descendants. I have separated, quite clearly, the
role of the capital from the support of the children.
How did I relay that? Well, I sat them all down and
did a, what I hope was a moderately humorous,
PowerPoint presentation. It started with a slide of
me flat on my back looking very dead! And I said,
I have two main drivers for this discussion, one is
I have some money and the other is that at some
point I am going to die. That’s the context. They are
now all aware of the broad intention. They weren’t
overjoyed about this but I certainly didn’t have a
rebellion on my hands. In all, I feel that I have been
pretty transparent about the wealth.
M U LT I G E N E R AT I O N A L FA M I LY M E M B E R
A N D A B O O D L E H AT F I E L D C L I E N T
The story.
In our experience, successful transfers of wealth and control tend to
happen when a family is clear about their values and their ‘story’.
Often this is the key to positive conversations and decisions around
wealth transfer, supporting the succession journey. What are their
values guiding their successful decision-making for many years?
It’s instructive if when visiting a family-owned business and there is a
story either on a wall or in a book in reception, such displays illustrate
that they really get what they are about. They have made an effort
to record their story and are really proud of their past achievements.
Remembering the stories and the lessons of the past can also be
instrumental in helping shape how the family continue in business
together in the future, regardless of the type of business activities.
B O O D L E H AT F I E L D -
LESSONS IN LEGACY
