The Family Wealth Sustainability Toolkit (ePub)

Foreword vii Preface ix Acknowledgments xi CHAPTER 1 Achieving Sustainability: The Challenges, Opportunities, and Complexities of Enterprising Families 1 The Business of the Enterprising Family 3 Moving Toward Sustainability 19 CHAPTER 2 Family Legacy and Connection 21 It's about Family, More Than Financial Assets 22 Combining the Mindset of Shared Risk and Shared Opportunity with a Family Emotional System 22 Family Connection: More Complex over Time 26 Family Connection Independent of Sharing Assets 30 CHAPTER 3 Governance Structures and Processes: Helping Families Achieve Goals 35 Family Mission: The Cornerstone of Governance 39 The Shape of Governance: A Thoughtful, Inclusive Process 42 CHAPTER 4 Financial Accountability and Management 49 The Individual's Role in Oversight 50 Financial Responsibility across Generations 52 Long-Term Management of Finances and Risk 56 CHAPTER 5 Human Capital and Leadership Development 61 How Does Human Capital Develop? 62 Relationship-Based Competencies Are Most Valued 63 Human Capital: People at Their Best 69 CHAPTER 6 Roadmap to Sustainability 75 Designing Your Unique Roadmap 77 About the Family Wealth Sustainability Index 80 Results: Setting the Base Point for Creating the Family Roadmap 82 The Roadmap to Sustainability: Planning the Future 93 APPENDIX 1 Genogram Key 95 APPENDIX 2 The Samson Brothers Family Genograms 97 Index 9

Fredda Herz Brown is acclaimed by clients andprofessional colleagues alike for her groundbreaking work withenterprising families and their trusted advisors. From her numerouscontributions over a quarter century, she has helped to establishstandards of professional practice and develop the body ofknowledge that defines the work of the field to this day. Fredda'sdistinguished career accomplishments have been honored by awardsfrom the Family Office Exchange and the Family Firm Institute,where she is a Fellow and founding board member. She is the authorof Reweaving the Family Tapestry, which encapsulated hermodel for understanding and working with families as they evolvethrough their life cycle. Among her numerous academic appointmentsover the years, she continues as a guest lecturer for the MBAstudents at Columbia University.

Fran Lotery has more than thirty years' experience andknowledge in family economic and emotional systems gained fromworking with professional firms, family enterprises, owners ofclosely held companies, and large nonprofit institutions. Since2006, as one of the principal founders of Relative Solutions, shehas collaborated on research and tools that contribute to advancesin developing human capital and leadership in family enterprisesand understanding the dynamics associated with wealth and themultigenerational family. Fran has been an expert contributor onradio and television, a speaker at professional conferences, and anadjunct faculty member at leading colleges and universities inCalifornia.

Relative Solutions is one of the leading firms helpingmultigenerational family enterprises manage the complex decisionsrelated to their shared assets. Their frameworks, tools, andmethodologies are considered to have established the gold standardfor the professional practice of trusted advisors, and thedevelopment of families and their enterprises. The firm's FamilyEnterprise Leadership System (FELS) is the only leadershipassessment framework of its

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