When you think of your family, mission statement and strategy are probably not the first terms that come to mind. But families who are organized with a business mindset, the parents set up their kids for future success.
Families who truly understand wealth tend to invest in their families with as much discipline as they do with their business.
So we’ve created Legacy Partners to give families the ability to create and keep prosperity. And this how we plan to do it!
Provide the Proper Education
Ensure a strong focus on experiential development to improve the knowledge as well as the hard and soft skills of younger family members.
In terms of formal education, consider a more hybrid, co-operative education program where there is a strong emphasis on applying academic learning in workplaces as part of the qualification.
Mentorship is becoming an increasingly important engagement tool in both understanding the principles, priorities and motivations of the next generation and providing them with the necessary opportunities and exposure to grow, develop and craft their own space within the business environment.
Embracing The Next-Generation
Too often, family wealth is eroded due to a lack of trust, transparency and communication between current leaders and their heirs. The underlying concern is often that the next generation is not fit for leading the business into the future, nor managing the family's wealth.
Protecting Your Legacy
By embracing the next generation and actively involving them from a young age, family offices give themselves the best opportunity to shift beyond wealth preservation into growth and transformation. Coupled with a robust governance framework and sound financial planning, family businesses can build the foundations of a lasting legacy of wealth.
The reality is that the business landscape is evolving so quickly that it is becoming crucial for families and communities to operate with increased agility and a purpose-driven, innovative mindset.
Are you ready to change your legacy? Partner with us. Please put “LEGACY PARTNERS” in the subject line and a genius will contact you soon.