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What is your "True Family Legacy"?
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Legacy Needs Harmony
Management vs. Governance
5 Ways the Rising Generation Can Prepare
Evolution of Family Governance
Sibling Rivalry Video
Planning Family Meetings
To Go Far, Go Together
Embracing Conflict in Family Business
Choosing Sides in a Family Business
Professionalize Family Business
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5 Things that can derail a family business
Leader Vs. Boss
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THE IMPORTANCE OF THE FAMILY
The term "Family Legacy" conjures up different images and thoughts, depending on your age, wealth, and life circumstances.
My view of legacy is that it's much more of a "family" thing than a "business" thing.
The title on my business card is "Family Legacy Advisor", which hints at my bias.
It used to say Family Business Advisor, but family businesses have lots of advisors for business issues,
and not enough guidance on the family side
My bias is to concentrate on the FAMILY's legacy versus the business's legacy,
Of course, they certainly do co-exist together, often for decades at a time.
But in a multi-generational family business, at some point they usually bifurcate.
Family involvement in the ownership and/or management of a company eventually changes, as the family diversifies its focus to other endeavours
A business is typically organized into functioning groups of people, with more or less clear roles and responsibilities.
That makes the business's legacy part of the job of a person or group.
But who looks after the family's legacy?
Well, let me ask, Why Did You Work So Hard all your life?
Business founders work hard to support their family and continue to work hard so that their wealth can also serve the next generations of their family
But many will fail to properly transition that wealth to the next generation, and that goal will never be reached.
Research shows that about 60% of the failures can be attributed to breakdowns in family communication,
and another 25% to poor preparation of the heirs.
The exceptions are the ones who actually put in the work to establish some family governance.
That word, "governance", scares some families, and I get that
But it doesn't have to be that complicated, especially when you're just getting started.
What it does require is some intention, which begins with a decision that it's important enough to direct some time and effort to this task.
Your "true" family legacy is one that's custom tailored to your family.
Instead of concentrating on preparing the family assets for the heirs,
make the effort to prepare the heirs for the assets
And don't just concentrate on transferring the family's valuables,
work on preserving the family's values
You already know you can't do this alone, your heritage is too important for that.
Your true Legacy is much more about your family
than any business, you happen to own
That's all for today, I hope you got something useful, see you next time.
STOP working in your family BUSINESS,
START working on your business FAMILY
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Listen to Steve as a guest on the True Wealth Project podcast.
Why you should involve the entire family in preparing your wealth transition to the next generation, why it is easier than you think to get started and why people are more important to your legacy than assets.
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Who is Steve legler
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Pens Vs Pencils for Your FamBiz
Lighting the Way in your FamBiz
Dis-Covering your Enterprising Family
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Is 10 Years a Long Time? (It Depends…)
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Author | About Steve Legler
Steve is a proud FEA Designate (IFEA) and holds ACBFA and ACFWA certifications (FFI), in addition to having an MBA (UWO-Ivey) He is also a CFA charterholder (CFA Institute), and the author of Shift your Family Business (Friesen Press, 2014).
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