Will Your Wealth Provide Your Heirs with Opportunities, or Deprive Them of Their Independence?

Will Your Wealth Provide Your Heirs with Opportunities, or Deprive Them of Their Independence?

You’ve seen and heard the stories of dissension, fighting, greed, and legal actions when an inheritance is up for grabs. You may be thinking, “That won’t happen in our family.” Think again! It has been statistically proven that 70% of wealth is lost each time it transitions to the next generation and completely gone when the third generations pass. Primary factors are loss of trust, breakdown in communications, and lack of preparation and experience. Kip Kolson’s experience with families of all sizes and levels of wealth, especially with high-net-worth families for almost 50 years, and Family Wealth Leadership’s involvement for 25 years has taught us the only way to overcome these challenges is through a holistic, integrated financial and family coaching program that builds a cohesive team of all living generations. Family Wealth Leadership helps families:

• Develop a shared family vision, mission, and purpose.
• Build strong family ties, teamwork, and legacy.
• Grow and protect family wealth through multiple generations.
• Ensure future generations can realize their financial needs and dreams.
• Retain family control over family enterprises and wealth.
• Experience the joy of helping causes they care about.

Vision: Our vision is that every client family, and family member, through fulfilling their individual and joint purposes, will achieve significance by being a cohesive force that makes the world a better place for others and themselves.

Value: Everyone wants to be significant, but significance can only be attained by fulfilling the purpose for which you were created. A fulfilled life is a life with, and on, purpose.

Mission: We will guide every family member client, willing to commit to the plan and the process, along the best path that will lead them individually, and as a family team, from uncertainty to a legacy of significance, as defined by the family.  We will coach them on how to live a more purposeful, fulfilling, and joyful life by successfully managing their time, talents, training and treasures to benefit God, others, and themselves.

Objectives

It must be understood that running an effective and efficient family is the same as running a business–the Family Enterprise Holding Co. Like all businesses, six critical elements must be in place to be successful.  They are:

1. Sales and Marketing
2. Research, Development, and Production
3. Distribution
4. Administration and Operations
5. Finance, Accounting, and Tax
6. Human Resources Management

The following are examples of objectives that must be achieved if the enterprise is to fulfill its purpose.

The Plan

• Have a viable and clear purpose and mission.
• Add value to the world.
• Have a well-defined and well-designed plan for achieving the family’s mission.
• Execute the plan effectively and timely.
• Constantly strive to improve operations.
• Seek new opportunities and be able to adapt to changing situations.
• Analyze the risks and rewards and make informed decisions.
• Employ, educate, and train qualified personnel.
• Empower individuals to act and be decisive.
• Encourage social responsibility.
• Be profitable and increase the value of the enterprise.
• Be ongoing.
• Provide for an orderly and timely progression to qualified leaders who can carry on the mission.

Strategy

Advise and guide the family in defining, developing, and managing the family’s:

1. Values and Guiding Principles
2. Vision
3. Value to society
4. Mission and Purpose
5. Plan that will succeed
6. Resources necessary to achieve the plan.
7. Execute the plan.
8. Constantly re-evaluate the plan and family circumstances and update when appropriate.

The Solution (Family Enterprise Holding Co. Concept)

• Clarity of where we came from, how we got here, where we want to go; and what dangers, opportunities, and strengths or lack of strengths exist to help or hinder the family from getting there?
• Identify family values, objectives, a mission and a vision that will allow the family to gain clarity of purpose.
• Advise and guide the family in the development of a documented family wealth statement and plan that will effectively develop their abilities and use their four “Ts” of True Wealth to attain significance.
• Assemble and coordinate a highly qualified team of professionals with the abilities needed to design and implement a plan that will lead the family and individual family members to significance.
• Educate them on principles and creative solutions for properly utilizing the resources that have temporarily been entrusted to them, in order to make inspired decisions that result in good stewardship.
• Encourage and assist them to act immediately to implement solutions that can achieve the desired results.
• Provide ongoing accountability, encouragement and management that will foster confidence in their decisions and the results.
• Set a personal example of the above.

Your family is your most valuable assets. We can help keep your wealth from devastating your family and, instead, build your family’s legacy. Call us at 949-468-2000 or email Kip Kolson at kkolson@familywealthleadership.com. Our website is www.familywealthleadership.com