Next-Generation Family Education
Successful families strive to increase their human capital—a combination of the collective intellectual, social and financial capital that makes each family unique. Growing human capital, without sacrificing a family’s humanity, is central to our mission.
In order to sustain family wealth and pass through the “Generation 3” hurdle, families have to identify what the next generations must know and experience in order to deal with the complex lives that they will live. Often, families feel challenged to identify methods to prepare next generation family members to lead and to make decisions. In addition, preparing the next generation to responsibly appreciate and appropriately steward their wealth is at the core of our service offering. We work with families to facilitate productive discussions about philanthropy, values and wealth, and develop customized programs to address specific educational issues that demand attention in each unique family setting.
Articles
Responsibility and Accountability to the Family: Teaching Confidentiality to the Next Generation in a Social Media Society
Especially in today's social-media driven world, it is important that families of wealth in particular have clear expectations for what can and cannot be shared. In this article published by The Journal of Wealth Management, Fredda Herz Brown our founder explains how to educate family members and institute agreements so that the guidelines are clear. Read the Article>>
PREPARING THE NEXT GENERATION FOR OWNERSHIP IN A DYNAMIC WORLD
“In our dynamic world, one of the most important qualities families need to develop in their younger generations is the ability to manage change at the intersection of the family relationship system and the family economy.” In this article, Rebecca Meyer offers a systemic approach for preparing the next generation for ownership. Read the Article>>
Position Open: Chief Collaboration Officer (CCO)
This article by Fran Lotery explores what the present and future enterprising family needs: a modern-day approach from their advisors that is less expert driven and more multi-disciplinary—advisors who can shift their mindset to execute team-based behavior that is both collaborative and cooperative. Read the Article >>
A Development Plan for the Next Generation
In the January 2012 edition of Family Business Magazine, Relative Solutions principal Fran Lotery details critical questions that emerge as family enterprises anticipate a future generational transition, including:
What does the next generation need to be prepared for?
How big is this challenge, and how will it be met?
What is the priority? Is it to develop the human capital of the family or future leaders, or a combination of both?
Case Studies
Managing Succession Across Generations
Two brothers disagreed about the roles their children should play in their 25-year old company. One of the brother’s sons joined the company five years ago and wanted an executive promotion. The other brother thought it was too early to promote him because he showed no signs of executive ability. There were no rules for family participation in the business and no plans for how to include the next generation. Read the Case Study >>
educating next-generation shareholders
A second-generation family firm was concerned that next generation shareholders and family members understand both the operating and non-operating divisions of the family enterprise. Read the Case Study>>