James C. Baughman, Jr.’s Post

Family Ownership Strategy: Generating Family Currency https://ow.ly/qEAw50Tm48o #FamilyBusiness #Succession #StrategicPlanning #OwnershipMatters

Succession planning is more front of mind than ever in family businesses / Family Office communities in the Middle East, as they contemplate what - for many - is the first intergenerational wealth transfer.   Our Founder and Chairman, Adam Ladjadj, spoke with Euromoney’s Lucy Frost and shared this thoughts on:   * The importance of succession planning and potential share structures; * Raised engagement levels from Middle Eastern families and regulators; and * Future momentum in the space   Adam observes that: "Everyone is waking up and understanding that succession planning needs to be done, and it needs to be done now."   To access the article, click here:  https://lnkd.in/eWW5SrEU   #EmiratesFamilyOfficeAssociation #EFOA #Euromoney #FamilyOffice #succession #planning #nextgen

Transferring wealth to the next generation is a tricky thing, and business owners especially are prone to making mistakes. Thomas Deans has devoted his career to studying this phenomenon and offering advice through his latest book, about which he says, "If you want to understand why our courts are full of families in estate disputes, 'The Happy Inheritor' is a real eye-opener." #wealth #familybusiness #familyoffice #succession #estateplanning #inheritance #TEP #STEP #CFA #CPA #RFP #FEA #FEC #FELI Canadian Family Offices #smallbusiness #smallbiz

Great article about the challenges of wealth transfer and the benefit of transparency and family meetings. #familyoffice #familyenterprise #estateplanning

1 year of Vest Advisory. 3 case studies - do any sound familiar?   Case study 1 – successful business sold years ago in this 3 generation family. Parents wanted to ensure family decision-making, wealth investment decisions, income distributions and role responsibilities had been properly discussed, with actions and roles agreed. The family gets along well now, and they want that to continue, by having an agreed pathway.  Solution – over 6 months, Vest obtained the views of the first 2 generations, followed by building a framework to handle all family matters, both now and on the passing of the first generation.     Case study 2 – current ‘senior’ business owner wants less day-to-day operational duties in their multi-generational, successful family business, plus a detailed inheritance and succession plan.   Solution – Vest conducted an information-gathering exercise in the operating business, with family members and key stakeholders. Then we worked with the family to modify the organisational structure and develop job descriptions for the new and amended roles. The work is ongoing. Case study 3 – a family farm was creating major tension for this 4th generation farming family. Mum outlived her farming husband. There are two adult children - the son has been managing and operating the farm (the family’s main asset) since before Dad died, and the daughter is not on the land. Mum has been increasingly distressed about discussing the inheritance of the property and the estate.   Solution – a valuation was obtained for the property and all other family assets. Providing a guided forum for the siblings to discuss their fears and views, Vest facilitated a fair and mutually agreed solution. An outcome was reached for the brother to continue to farm the land and for the sister to receive an ongoing revenue share. Mum’s will was updated to reflect this.  In our 1st year, Vest has received extraordinary support in providing discrete advice to families, businesses and individuals, who need trusted succession, inheritance and wealth transfer advice. We have helped navigate a number of interesting client scenarios, from the straightforward to the highly sensitive and complex. Every situation is unique and we tailor our advice to the needs of each client. Facing these matters can be confronting, and it is critical to start discussing and planning things as soon as possible. The process can’t and shouldn’t be hasty, or forced due to a sudden shift in relationships or circumstances. The more time you have to make the right decisions, the better. To learn more about succession, inheritance and wealth transfer, visit vestadvisory.com Thank you for all your support in our first year. David Naphtali Michael Naphtali #wealthtransfer #successionplanning #inheritance

Transfer of considerable wealth within families can be done harmoniously to establish a foundation of wealth benefitting future generations. Alternately, it can cause deep rifts, pitting siblings against one another. Shelley Forsythe gives practical advice on how to approach creating a family governance plan in the brief read linked below. Families large and small profit from having frank discussions on wealth, values, and intentions. However, having open conversations around wealth and inheritance can be uncomfortable. To help overcome this discomfort, I give clients the option to schedule such discussions with myself and any additional professionals (lawyer, accountant, private banker etc.) who may be required. Providing comfort to loved ones is often the greatest priority driving the individual investor. A solid family governance plan enshrines that intention. http://spr.ly/6009dtZUX

Have you ever thought about how to keep your family's money safe for a long time? Old methods might not work well in today's world. With more than fifteen years of helping families with this, I’ve looked into how private trusts can help in my new article, "Alternate Tool for Succession Planning - Private Trust." In the article, I explain how Private Trusts are better than the old traditional route of HUFs. A Private Trust protects the family assets from contingent liabilities or unforeseen losses in the business of that family by creating ring fencing and is more flexible compared to HUF. A Private Trust means a trustee manages the money for the people who will benefited from it. A Private Trust is usually created by business families, where multiple generations are involved. In such cases it becomes imperative to have a succession plan for not only the 'ownership' but also 'management' of the business for the benefit of its members. It can be revocable and irrevocable. Private trusts also help avoid family fights over money and make sure everything goes well when passing money to the next generation. Find out more about how private trusts can help you with your family's money planning. Read the full article here 👉 https://lnkd.in/gEUYdAqG I would love to hear your thoughts and experiences with planning family succession, so please share your comments below! #SuccessionPlanning #PrivateTrust #WealthManagement #LegalInsights #FamilyWealth #RingFencing Hammurabi & Solomon Partners

A successful family wealth transfer is about more than just finances - it's about preserving your values, traditions, and purpose. But where do you start? Find answers here: https://ow.ly/wya650TZcMo Our new Family hub aims to provide concrete steps for passing on wealth, not problems. #WealthPlanning #family

After gathering feedback from over 1,000 family members, we uncovered the top priorities and challenges of the rising generation in families with significant wealth. See insights and get practical tips in our new whitepaper. #Planning #Finance

"A family business should never be gifted to the next generation, but rather sold to the highest bidder," says Thomas Deans. It is one of his "controversial" notions in his mission to "challenge conventional wisdom and to stretch people’s imagination about how generational wealth can be transitioned to preserve and build both family relationships and the wealth itself.” Deans, an author and speaker who focuses on family businesses and intergenerational wealth, spoke to Adam Bisby for Canadian Family Offices #familybusiness #familyoffices #successionplanning #estateplanning #inheritance #wealthtransfer #wealthmanagement #TEP #STEP #CFA #CPA #RFP #FEA #smallbusiness #smallbiz