Family Business Blog
Aug 15, 2017
Planning for the next 10 Generations
I recently sat down with a potential client who presented me with his plan for the next 10 generations! Wow what an inspiration.
What he laid before me was not some wild fantasy, nor a concrete plan designed to be a straight jacket that locks his children into a legal structure and generations of misery, but an insight into his dream for the future.
The decision as to whether or not to participate is left up to his children, but they have been presented with a detailed road map outlining what that future could look like.
I have on occasion had exploratory discussions with potential clients who have had a vision of the future for their family. But never before have I been presented with such a comprehensive, detailed and costed plan that considers issues such as –
Will the future work out as envisioned? He is the first to admit that it won’t. But this is a fantastic starting point. The challenge now is to make it happen and I look forward to watching progress from the sidelines.
What he laid before me was not some wild fantasy, nor a concrete plan designed to be a straight jacket that locks his children into a legal structure and generations of misery, but an insight into his dream for the future.
The decision as to whether or not to participate is left up to his children, but they have been presented with a detailed road map outlining what that future could look like.
I have on occasion had exploratory discussions with potential clients who have had a vision of the future for their family. But never before have I been presented with such a comprehensive, detailed and costed plan that considers issues such as –
- Growth and reinvestment beyond the family business
- Maintaining the incentive for future generations to be self-sufficient
- Incorporating a philanthropy as a key objective
Will the future work out as envisioned? He is the first to admit that it won’t. But this is a fantastic starting point. The challenge now is to make it happen and I look forward to watching progress from the sidelines.
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