Part 2 - Defining our Legacy - Flipbook - Page 29
B O O D L E H AT F I E L D -
LESSONS IN LEGACY
A
productive first step is always to establish a blueprint of a family’s
affairs to ensure that any strategy reflects the reality on the ground
and takes into account any specific geographic or existing corporate,
legal or regulatory frameworks. Time then needs to be invested to confirm a
future vision, partly informed by the interests, skills and suitability of those who
may be tasked with fulfilling that vision once a main leader has stepped back.
At this stage, it is important to consider all the potential levers of control and
structuring options. Just because a business has been family-run in the past, does
not mean that it is necessarily the best structure going forward. It may be that a
switch to a more corporate structure, undertaking significant business re-engineering
or even an IPO is needed to guarantee a successful succession and future legacy.
Wealth structuring work might also be needed as well as the introduction of new
corporate vehicles and ownership structures. With a range of options available
from trusts and foundations to corporate vehicles and collective investment
schemes, families can be advised on which best suits their bespoke circumstances.
As part of bringing this vision to life, often it is a case of the more detail the
better. Beyond deciding on benchmarks for future financial performance, a
business leader can set the tone for how that performance is delivered. This
might range from setting plans for future diversification and identifying potential
acquisition targets to making commitments to invest in new technology.
