November 1st, 2014
This past week I moderated a panel comprised of successful families talking about how they are planning for their legacies. One of the family members on the panel represented a very successful vintner family.
The panel discussed topics such as:
- How to prepare the next generation for entering the family business.
- Preparing the next generation for the opportunities and responsibilities of wealth.
- Living in the “shadow” of successful parents.
The family member representing the vintner family used the metaphor of wine making as a way to describe the legacy planning process.
She said — and I’m paraphrasing here — the process requires a long-term view (years before the wine is ready to serve); a lot of nurturing along the way (watering, pruning, storing); and a few very important ingredients (soil, weather, etc.).
I couldn’t help but think the process is the same for other families. When families plan for their legacies, they need to have a long-term view, nurture their human capital along the way, and factor in a few very important ingredients such as love, education and values.
So the next time you are enjoying a glass of your favorite wine, think about the multi-year process that was involved in producing the splendid outcome you are now enjoying as a metaphor for your family’s legacy planning process.
Dr. Orlando’s Legacy Planning Podcast: An Introduction
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