There is a risk to family wealth Hence, the task is to ensure that the saying. “shirtsleeves to shirtsleeves in three generations” does not become true. This is where the first generation toils, the second generation is frugal (although it has access to money the first generation did not have), while the third generation depletes the rest of the fortune. By the fourth generation, the family is back to nothing but shirtsleeves. Therefore, to preserve wealth, families are advised to consider long-term planning, even for a time frame of 100 years or longer.
At Fiduciary Services Limited, we provide governance and advisory services to families with wealth and family businesses Family businesses are unique especially given constituent family members and changing business dynamic which can offer both opportunities and challenges for the business and the family. The growth and sustainability of a family business lie in the thin balance between the needs of the business and the expectations of family members.
We identify key pillars and values that will serve both the best interests of the family, its wealth and business and aid long-term sustainability of the relationship amongst family members and the business activities of the family We offer advice and relevant documentation on articulating the family’s purpose for its wealth and business, family governance, business succession and conflict resolution.
- The Global Family Business Think Tank - 2023 Report
- https://fiduciaryservicesltd.com/wp-content/uploads/2024/03/FBU-Global-Think-Tank.pdf
- Family Wealth Advisory Questionaire
- https://docs.google.com/forms/d/e/1FAIpQLScNON6NoHqzUIiguUQWNEH-oL9HSMZ80hjZ1D1N2lcaENdOBQ/viewform?usp=sf_link
- Family Business Governance Questionnaire
- https://forms.gle/d24SgBEktk6Sftfo7
- From Single Business to Portfolio of Businesses: When does the family business become a business family?
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Everything flows and evolves. And family businesses are no exception. From the first-generation founder firm to a real family firm in later generations, and from a single business firm to a complex portfolio business. In some instances, that transition in the family firm – from one to many businesses – happens rather suddenly, in a revolutionary way. Such transformations usually require a few key elements: a natural entrepreneur in the later generations of the family and… a major liquidity event that financially enables the transformation. Marta Widz and Benoît Leleux from IMD illustrate the strategic transformation from single to multiple business family portfolios by analyzing two cases where the transformations shared stunning similarities.
- https://fiduciaryservicesltd.com/use/wp-content/uploads/2022/10/from-single-business-to-portfolio-of-businesses-when-does-the-family-business-become-a-business-family.pdf
- Theresa Ramos -Family Dynamics (Governance Structures)
- https://youtu.be/RSvSV4Q6HHM?si=igscEjAJ1j3fXpJd
From Single Business to Portfolio of Businesses: When does the family business become a business family?
