Relentless Application of Force

Setting yourself, your family, your business up for long term success require the relentless application of force. And a plan of action.

Whatever your family's status , whether you have a family office or (more likely) not, or are in a family in the fantasy world of Game of Thrones, it's necessary to have a plan. And every plan has some key guiding components.

Every situation is complicated to say the least and comes with their own challenges and issues. Some families have regulators or the tax man coming after them, some have to worry about what to do with their dragons. Perspective is everything. But there are some universal key considerations and things to take care of -

1) Clear Succession - fighting is ugly, expensive, bloody, unpredictable. Leadership in and through a transition makes all the difference.

2) Protect Your (Neck) Assets - Set things right before it's too late. How assets are owned, beneficiaries, titles...all that stuff makes no difference until it does. And then it's too late.

3) Collaboration and Communication - Legacy is everything. Lack of clear communication, unmet expectations, no cohesion are all a recipe to destroy it.

4) Key Advisors - Things change, families build wealth in all kinds of different ways and know their area better than anyone else. But it's good to know what you don't know and where to listen to others. Building that team can be an important step to keeping proper structure and support for multiple generations.

5) Adapting to Change - Used to be you could just throw a bad employee off a cliff or feed them to a dragon...those days are over. Times change, being flexible and adaptive help a family handle what's happening. What got you here may not get you there.

Of course there's some overlap among these and times have changed. Family dynamics will always be in flux and flow. Having plans, lines of communication, and a mindset to keep rolling with the times will keep the family legacy strong and in control of its own destiny.

Must Watch- Save like a pessimist Invest like an optimist -

Must listen - Relentless application of Force

Another must watch - learn to say no

We're hitting a silver tsunami

As birth rates hit record lows

Don't write GenX off just yet:

A significant part of the great wealth transfer is going to be happening within family owned businesses . But it's not as simple as transferring stocks, bonds, funds, or even physical real estate in terms of what happens next. A business needs to continue to be operated, run, and managed right to maintain value. It's not liquid at all. And it's critical to get this transition right. There's only one real shot.

Doing as much as possible to prepare, develop, and train the next generation to step up is key. And early. Having buy-in and the whole team supporting them, understanding strengths and weaknesses and balancing it all out keeps things moving on the same page. There's a delicate dance of hand holding and trusting them to take the leap out of the nest and have ownership of the enterprise; there will be challenges and bumps on the way.

It may not work out well at all, that's the risk that's taken. Leadership matters a whole lot in any business and successful succession is the ultimate test.

Being in the best possible position to make educated, strategic decisions is more important than ever, there's just too much at stake.

Are you acting with the relentless application of force? You must because someone else is. Or find the right people to help support those efforts.

Are you doing all you can to secure the bag?