Challenges of Newly-Created Wealth

As a result of the sale of their third generation business, several members of the family realized significant amounts of wealth for the first time.

Relative Solutions’ Direction:
The business had been professionalized for many years, and active board participation with several non-family board members had been in place before the sale. The family wanted to explore the varying ways it could continue to meet and oversee businesses together.

Through the creation of a family office and a family foundation, the family was able to articulate a shared philosophy towards liquid portfolio investment holdings. Creating and maintaining opportunities for education and promoting entrepreneurial spirit also emerged as important goals. A fund was set aside for other jointly owned businesses.