In chapter five of my book Legacy, I address the question that is on the hearts and minds of parents, especially parents of financially successful families, and that is: How do I prepare my children for the opportunity and responsibility of wealth? Here are four of the ten tips provided in my book. Principle #
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In the recent past I had the opportunity to attend multi-generational family meetings with financially successful families. Prior to ever attending a family meeting, I had discussed with the Legacy Capitals team what happens at the meetings; however, experiencing it for myself was eye-opening. To draw a parallel, it was like listening to someone talk
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Can Wealth Buy You Happiness? Or ensure that values pass to the next generation? According to Legacy Capitals, the answer is not necessarily. Wealth, though a unique privilege and a blessing for many, is only the beginning. Legacy CEO Richard Orlando’s mantra “Money serving families not people serving money.” It is the larger family questions and answers
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Recently my wife and I experienced a lovely getaway to Newport, Rhode Island. In addition to enjoying the restaurants, shops and boats, we spent much of our time at the International Tennis Hall of Fame Club (ITHF) playing tennis. While talking to the ITHF Director of Tennis, I began to learn about the mission of the
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When my wife and I married, she brought to our marriage her daughter from a prior marriage. Since then we have had two additional children (three if you count our dog). In modern nomenclature, we are a blended family. I wasn’t raised in a blended family so it has been a new, enriching, and at
Read moreI was driving with my son to go see a local NBA team play the Cleveland Cavaliers, as part of his birthday celebration. As we were approaching the city (of the NBA stadium) my son, who was sitting in the back seat, began to spontaneously call out the following: “Dad, look how big those buildings
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“If your organization can adopt the concept of intelligent failure, it will become more agile, better at risk taking, and more adept at organizational learning” (Rita McGrath, Failing by design. HBR (2011):89.4, 76-83) Because of fear of failure and lack of know-how, many parents create the outcomes in their children that they
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As I have served families over the years, I have been fortunate to work with people with inspirational life stories. For example, individuals who have overcome great odds, built very successful companies, and/or generously share their time, talent, and treasure to bless others. Many, if not all, of these individuals say to me that they want
Read moreWhether I am presenting, writing, or coaching, I point out that our legacies are really created by how we choose to live each day of our lives, and our legacies are only cemented when we pass on. This past weekend the NYTimes published an article titled, Jon Stewart Cements His Legacy in ‘Daily Show’ Finale. Although Jon
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We’ve just come out of the season when millions of people buy roses, chocolates and romantic cards; make reservations at crowded restaurants with enhanced pricing; and see pictures of Cupid everywhere. Have you ever asked yourself, “Why Cupid?” or “What is the origin of Cupid?” In ancient Greece, Cupid was known as Eros, the young
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In PART I of the Prodigal Heir series, I highlighted the son’s response to his father after “blowing his inheritance.” He said, “I am no longer worthy to be called your son; make me as one of your hired men.” HE TOOK PERSONAL RESPONSIBILITY FOR HIS DECISIONS AND ACTIONS. All to often “prodigal heirs” spend
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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
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