Part 2 - Defining our Legacy - Flipbook - Page 7
D
iscussions around legacy can vary in part depending on what type of
assets represent the family wealth.
For those with business interests, establishing the strategic direction and longterm sustainability is of primary concern. And depending on the individual, many
see the prospect of being heralded as a business visionary who regenerates an
economy, creates employment or drives a country to prosperity to be the more
attractive legacy. However, having invested significant time and energy in growing
a well-established family business, it is essential for individuals to consider what
happens after they step back from direct control. If a family owned business is the
most material component of the family wealth, then the focus will primarily be on
the transition of leadership and ownership from one generation to the next, which
can be fraught with emotion as much as with practical considerations around dayto-day operations.
Where you are dealing primarily with significant sums of liquid wealth, then the
focus is arguably less about transition of leadership and a greater focus on
assessing purpose of the family wealth - thinking deeply about what you want
to achieve with the wealth and developing shared family values around how the
wealth should provide for current and future generations. Governance becomes
a critical component, assessing what structures and personnel are required to
support the management and ownership of the wealth.
Regardless of what assets represent the wealth, there is a growing concern on
how the wealth should best represent the legacy of the family.
