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Clarify Your Vision
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Working with wealthy clients for three decades, we see that families achieve
success when they have a clear vision. Moreover, we see that family
members and planning team members are most likely to unite around the
vision statement if it includes five key dimensions:
Purpose Statements - Individual family members develop purpose
statements based on their unique passions, talents, and experiences. These
purpose statements combine to form a family mission. The mission is
supported with compelling stories.
Process - The family leader has a process to unite planning team members
around a clear plan that refl ects the family vision.
Principles and Priorities - The family has a ranked list of values that guide
the accumulation, maintenance, and distribution of wealth.
Provision - The family rewards faithful behavior by transferring control,
management, and ownership of assets in a fair and reasonable manner.
Preparation Pathway - Before family members receive meaningful wealth,
the family leaders encourage stewardship training through a series of family
meetings or other training events.
During a family retreat, we share ideas from successful families and
hundreds of books on family wealth management to help you clarify your
family mission in the above areas.
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