CASE STUDY
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Generation 1 engaged their advisor to help them address their concerns for Generations 2 and 3. The client had previously sought assistance from two other providers, but had not been able to gain traction in creating a healthier family dynamic – one that would lead to both wealth and wellbeing for prospective generations.
Create a Healthier Family Dynamic
Build Capabilities and Initiate Collaboration
Create a Family Roadmap and Execute on Key Actions
Fortify the Family & Enterprise for Long-Term
Initially, the Patriarch and Matriarch, G1, were unclear how to work with each other to address and prioritize family issues. Not being the “go to” guy in the family enterprise was something the Patriarch had a hard time letting go. G1 was aware of communication and trust issues from G2 and looked beyond to ensure sound values and practices were in place within G3.
Each child within G2 way felt a weight of expectations from their “highly successful” parents. They believed that their parents had an agenda when asking them to collaborate on the development of the multi-generational trust and were frustrated with the current parent-child relationship. Each family within G2 was working separately to protect and nurture their children to create separate outcomes they desired.
Individual accountability and family framework were two disconnections that were apparent. Not being able to make any progress in creating a healthier family dynamic with their first two family advisors kept each generation at a standstill and communication at a minimum.
Working directly with the family advisor and each generation, noticeable progress was made within each phase of our framework. G1 went from “fixing” issues to gaining confidence in their families involvement and acknowledging their capabilities. G2 members are taking active roles in the family enterprises and recognizes how they need each other for both support and collaboration. G3 has developed deeper connections through shared experiences and new family standards.
Changing the relationship between the advisor and family from a transaction-based relationship to a hands-on approach has helped achieve major breakthroughs and enriched life experiences throughout generations.
Activ8
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