A 2001 survey by Williams and Preissers asked previously high net worth families that had lost their wealth “what got them?” Sixty percent of the families stated they had lost their wealth because of lack of communication and trust between the generations. Twenty five percent of the previously high net worth families in the 2001 Williams and Preissner surveyed stated that they had lost all of their wealth in the second or third generation because of unprepared heirs.

Most mutigenerational families have diverse backgrounds, education and passions in life. To be an effective shareholder in shared family assets, a general education in the family holdings is helpful
to understand how the family generates income. We help the next generation build their business
and charitable knowledge to communicate better with the family office or business executives that
are implementing the ideas of the family.

With the help of the parents, we can facilitate age and skill appropriate projects for the next generation. The projects are designed to educate the heirs in the financial areas that are relevant
to their future needs. The projects are relevant for assets currently held in trust or which are held
at the parent’s level and happen in a safe environment for open communication. In essence, we allow the next generation to experiment with the inheritance in a controlled environment to permit maximum learning with minimum negative financial implications. Whether mistakes are made or not,
the projects we work on are about what was learned, not what was earned.

It is also crucial to allow the next generation opportunities to work together on financial decisions. Working together is a part of the projects we set up. In every estate, there are non-liquid assets
that the next generation will have to work together to preserve once the parents are gone. While some estates have more non-liquid assets than others, it is essential for the heirs to work together
to prevent the liquidation of the assets simply due to conflict within the heir group. Assets should become liquidated due to group shared interest consensus, not due to conflict. Conflict resolution skills within the heir group are necessary for the preservation of wealth.

Because we are not involved with any financial products or services and instead have a family office management background, we are often times a good non-biased educator for general financial
and estate topics. This provides an opportunity for the next generation to ask many questions without the perceived pressure that many of them feel from above. We also welcome help from existing trusted advisors that are willing to help with the education of the heirs as may be necessary
in specific asset classes.

We believe trusted business or investment advisors and family office executives that have been doing a good job for the parents should not change just because the parents are gone. However, a 2003 Merrill Lynch Investment Managers and Price & Associates survey found that less than one percent of inheritors kept their parents’ primary investment advisors after inheriting. The percentage increased to five percent when the parents had used a big wire house like JP Morgan.

Guided family retreats are the one of the most effective and efficient methods for improving a family’s intergenerational communication. We help families build their listening, empathy, leadership, teamwork and communication skills through facilitated and fun activities at family retreats. We can either arrange the whole trip from arrival to departure like in our hill country family retreats , or we can join you for a day at your existing family gathering. Every year has a different family development theme. Family retreats are typically part of a much broader plan to help with overall succession planning.

We help document the heritage, values and family story of influential family members. Presentation and preservation of the family’s history can take many forms depending on the desires of the family members. Options range from facilitating a group discussion, to preparing video archives to providing a printed binder or book form of family history and stories.

Depending on the needs of the family, we can assist your family business in developing
and implementing a succession plan. We provide assistance in implementing the infrastructure
for family business owners that have children interested in working in the family business
and possibly taking over the family business at some point. We also guide families through
the creation of a shared Mission and Vision statement. We can also assist in establishing effective governing systems: family councils, family boards, committees, codes of conduct in family meetings, compensation structures, conflict of interest policies, etc...

I can act as a third party, non-voting board or family council advisor. My diverse background
in business, managed funds and real estate, combined with a working knowledge inside a successful multigenerational family board of my own family can provide a unique outside view to assist
your family. My team members can also be a valuable asset for an existing family board
that is interested in having an independent, unbiased set of eyes and ears in their board meetings that may have a skill set missing from the current family board.

We can help your family resolve or mediate conflict so that the focus is on moving forward instead
of backward.