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.
From Single Business to Portfolio of Businesses: When does the family business become a business family?
