This holistic, multidisciplinary approach aims to break down silos among various advisers.
1. Strategize and align
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Business plans:
Develop strategic business plans; set up contingency management plans; address policy gaps.
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Wealth plans:
Clarify wealth goals and amounts needed to fund each; review/develop estate/tax plans and “stress test” them based on various scenarios; conduct asset sufficiency analysis and personal risk reviews; develop financial plans.
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Family plans:
Create shared vision/mission statements; make compacts for family members to follow for managing shared ownership of business (e.g., family employment policy, distribution policy); develop communications practices informally or formally (e.g., family councils, family meetings).
2. Communicate, educate and develop
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Business plans:
Communicate with key stakeholders; develop board structure and identify leadership team; conduct leadership succession planning.
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Wealth plans:
Determine wealth transfer plans; evaluate senior generation's income flow; assess opportunities to achieve tax efficiency and optimize wealth transfer to family members and/or charity; engage next generation in wealth management tasks.
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Family plans:
Develop decision-making/conflict-resolution processes; educate family about ownership/finance/business; develop family acumen; augment the adviser team if needed.
3. Manage transitions
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Business plans:
Select/induct successor; implement family's “stepping-back” approaches for retiring generation; manage retention of key employees.
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Wealth plans:
Monitor estate tax liquidity needs; update estate plans per life changes; implement charitable strategies.
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Family plans:
Orient new family members to family system; educate new family members and continue educating younger generation; recognize key transitions; engage all family members in the future direction of the business.
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