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:

1. How to prepare the next generation for entering the family business.
2. Preparing the next generation for the opportunities and responsibilities of wealth.
3. 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