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2305, 2024

Marital Mediation May Just Save the Marriage━and the Family Enterprise

A guide to what marital mediation is, isn’t, and how it can be effectiveOne of the biggest threats to a family enterprise, especially in its first and second generations, is divorce. With the value of a business concentrated among a few stakeholders, the liquidity demanded in a separation of marital assets can cripple a company and compromise succession. With so much at stake for a family enterprise, unhappily married couples must explore all options to improve their marriage before deciding to divorce.Marital mediation is broadly defined as negotiating ways to sustain a marriage. Many couples have expressed that if they [...]

712, 2023

Considering a role in your family business? An MBA may be helpful.

Discover the transformative influence an MBA can have on your future, regardless of whether or not your path leads to your family business. So your family owns a good-sized company and you’re thinking that maybe that’s where your future lies. You started out in the warehouse shuffling boxes back and forth during high school, maybe had a stint in manufacturing or marketing, and you have grown up knowing the company and its industry well. Now, a college grad, you need to consider your future, and make important decisions that will impact not only your career, but your family AND [...]

1910, 2023

Overcoming Family Business Conflict and Achieving Succession Success

How one family resolved their differences and empowered a new CEO The Challenge Stakeholders in a family-owned construction business were in conflict over management succession, which created crippling conflict between family members. The founder, owner, and president of this company, Peter, wanted his daughter, Christine, to eventually succeed him as CEO. Peter’s brother, Jack, who was second-in-command at the company, rejected the plan to prepare his niece to become CEO and walked off the job, feeling angry and unappreciated for the value he had brought to the business. While Jack didn’t envision himself taking over for his brother, the [...]

106, 2023

The Progenitor’s Dilemma: Avoiding Entitlement When Transferring Wealth

A practical framework that empowers heirs while minimizing negative consequences Wealth can, at times, feel more like a curse than a blessing. Wealth magnifies the impact of bad choices and presents dilemmas to those progenitors who must determine how to distribute their assets over their lifetimes and beyond. Perhaps the biggest fear among benefactors is transferring wealth in a way that engenders entitlement. Progenitors do not want affluence to crush the next-generation’s initiative, sense of purpose or self-esteem. They also want to ensure that those receiving some of their wealth do not confuse self-worth with net-worth. This can be [...]

1602, 2023

Beyond The Box Thinking for Family Business Compensation

When it comes to compensating family employees, a common best practice is to pay family members a salary that’s in line with what non-family members would earn for the same job, adjusted for size and location of the company. A compensation consultant will often suggest such a pay range and, while many family members may receive the higher end of that range, some will actually receive the lower end in an effort to guard against the appearance of nepotism. While a ‘best practice’ such as this can work for many families, we believe this is a simplistic approach that [...]

2012, 2022

Airing Grievances: 10 Tips for Better Communication with Family Members

The purpose of effective communication is to transmit information from one person or group to another and to convey a specific message that elicits a desired reaction or result. Communications among family members have an additional purpose: To deepen our understanding of each other, find accommodation for differences that remain, build resiliency and bring family closer together. Family relationships are uniquely permanent, so communication must serve not only the content of the communication but the relationship itself. Problems arise, however, when we’re not clear in our communication, when emotions get the better of us, or when we misjudge the [...]

312, 2022

A Succession Planning Guide for Family-Owned Businesses

Transitioning a company to the next generation of leaders is a complex process that can easily falter if there’s not a strong succession plan in place. When we talk about succession, we’re focused on BOTH management and ownership; these two are tightly intertwined and must be considered together. If either management or ownership succession fails, uncertainty and misplaced expectation can have major repercussions that can lead families into conflict. Additionally, encouraging family members to join the business as an employee without considering ownership succession will likely raise false expectations of ownership, issues of fairness, and give mixed messages to [...]

1910, 2022

How Family-Owned Businesses Benefit from a Board of Directors

When a family-owned manufacturing business built an independent board and its impact on the company A family-owned manufacturing firm had just finished a six-month family business consulting engagement and now had a basic management and ownership succession plan in place. In addition, a family bank was set up to manage a vacation property, help avoid family conflict over money, and be used as a capital resource for entrepreneurial family members not in the family business. Satisfied with the work done to date, the founder asked, ‘What’s next?’ Editor’s note: Surnames are not disclosed and first names have been changed [...]

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Managing Family Business Conflict: A Collaborative Approach

Douglas Baumoel

As featured in Chapter 42 of The Alternative Dispute Resolution Practice Guide Compiled and edited by Bette J. Roth, Randall W. Wulff, and Charles A. Cooper. Copyright: 2003-2015 Thomson/West Publishers

Why is conflict in a family business often so extreme and intractable? This chapter answers these questions and more. The chapter examines the deep- seated, systemic nature of family business conflict and the complicating factor of the continuing relationships that matter so fundamentally.

A collaborative approach is outlined which integrates traditional approaches to managing conflict (litigation, mediation, arbitration, etc.) with development-based approaches (consulting and coaching) to better manage conflict when continuing relationships matter.

The approach presented is based on The Conflict Equation, a method developed by Continuity Family Business Consulting, which seeks to preserve the continuity of important family relationships throughout the conflict management process.

The Conflict Equation provides a specific methodology that evaluates the key components of systemic conflict – power, opposing goals, incompatible values and historical impasses – and lays out a roadmap for addressing each component through the appropriate conflict management technique in a well-integrated and collaborative manner.

The guide discusses ADR options such as arbitration, mediation, private judging, dispute review boards, and partnering. It provides a description and analysis of each ADR procedure, both generally and as applied to specific practice areas. It helps practitioners decide which form of ADR is best suited for a particular dispute and briefs attorneys on relevant rules, laws, and ADR developments.

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Raising The Baobab

by Tsitsi M Mutendi

Embark on a journey of wealth discovery and legacy cultivation with “Raising the Baobab,” a masterful guide crafted for anyone passionate about building a future that lasts. Authored by Tsitsi Mutendi, a seasoned family business insider and a leading authority in family governance and succession planning, this book transcends the ordinary, offering rich insights for a wide spectrum of readers.

Whether you’re entrenched in the operation of a family business, offering advisory services, or simply possess an avid curiosity about wealth management and legacy, “Raising the Baobab” speaks to you. It’s more than a book; it’s a collective repository of wisdom, featuring contributions from over 40 illustrious experts in the family wealth advisory sphere.

Why is “Raising the Baobab” a must-read for a diverse audience?

– Wealth Wisdom Collective: Benefit from the unparalleled expertise of over 40 globally-recognized authorities, each bringing their unique perspective to the complex tapestry of wealth management.

– Inclusive Wealth Exploration: Dive into the exploration of the five essential capitals of wealth – Human, Intellectual, Social, Spiritual, and Financial – concepts that resonate regardless of your background or role.

– A Legacy Guide for All: This book demystifies the process of legacy building, offering valuable insights into cultivating wealth that encompasses much more than financial assets.

– Accessible Yet Profound: “Raising the Baobab” is crafted to engage readers at all levels of wealth management knowledge, presenting deep concepts in an approachable manner.

– Universal Principles of Wealth: The strategies and philosophies within these pages apply to individuals and families in business, advisors, and the intellectually curious alike, providing timeless principles for enduring success.

“Raising the Baobab” is a beacon for those who seek to secure a prosperous future through interconnected dimensions of wealth. It’s a guide that unites diverse individuals under the common goal of nurturing a legacy that withstands the test of time and transcends monetary value.

This book is your invitation to a community of thinkers, leaders, and innovators who understand that the true measure of wealth is not just in the balance sheet, but in the strength of human connections, the power of knowledge, the reach of social networks, and the depth of spiritual grounding.

No matter who you are or where you come from, “Raising the Baobab” offers the knowledge and strategies to help you lay the foundations for a lasting legacy.

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Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors

by Tom McCullough, Keith Whitaker

Significant family wealth brings many opportunities and benefits. At the same time, enterprising families face considerable challenges as they attempt to navigate financial and estate planning, succession, developing rising generation talent, and more. It is important for high-net-worth families to find and employ proven methods to help protect and improve their resources and family relationships over time.

In Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors, veteran family wealth practitioners and advisors Tom McCullough and Keith Whitaker have collected practical and hands-on tools, exercises, and activities for wealthy family members and the practitioners who advise them. Contained in 62 stand-alone chapters, written by leading family wealth advisors, these concrete strategies are designed to help families thoughtfully plan for their future, invest wisely, raise the next generation of family leaders, share decision making, and effectively connect with communities through philanthropy.

In this book, you will find templates, tools, and exercises you can apply immediately in your advisory practice or in your own family to determine legacy, identify core values, understand family complexity, and explore individual histories with money. This book offers a single, definitive source of actionable solutions from over 70 leaders in the field of family wealth advising.

Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors is an indispensable guide for wealthy families and the family offices, advisors, consultants, lawyers and accountants who work with them to help them achieve their goals.

Protect and grow family wealth and relationships with concrete strategies for high-net-worth families and their advisors

Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors is a practical and hands-on toolkit containing exercises, techniques, templates, and strategies that can be immediately applied by wealthy families and their advisors to help protect and grow their financial resources and family relationships. The included tools encourage readers to think through and determine their highest priorities, plan thoughtfully for the future, invest their assets wisely, raise the next generation of family leaders, and more.

Exercises like the Family Self-Assessment Tool and the Family Money History Questionnaire reveal foundational and important truths about the structure and behavior of wealthy families, while techniques like the Core Values Exercise demonstrate where family priorities lie and how to make decisions as readers move into the future.

An indispensable guide for family office professionals and other practitioners who advise wealthy families as part of their practice—as well as members of high-net-worth families themselves—Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors is a one-stop, authoritative resource collected by two of the leading advisors and practitioners in family wealth today.

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Mom Always Liked You Best – A Guide to Resolving Family Feuds, Inheritance Battles and Eldercare Crises

Co-Authored with Continuity colleagues Blair Trippe, Rikk Larsen and Arline Kardasis

Mom Always Liked You Best – A Guide to Resolving Family Feuds, Inheritance Battles and Eldercare Crises is a practical guide for the millions of Americans currently struggling with adult family conflict. It is designed to give you the information and tools you need right now to achieve those mutual agreements that seem so elusive.

The authors have helped many such families who are in conflict around elder transitions and associated issues. They are “thought leaders” in the field of elder mediation and also bring decades of experience in the areas of education, finance, healthcare, social work, and estate settlement, as well as their own family experiences. By reading this step-by-step guide and practicing the techniques that they lay out for you, you will learn skills used by professionals. You will learn tools to help you stop having those circular arguments that go on interminably and get you nowhere.

Easy-to-read and filled with engaging examples, this guide can help you think like a mediator in order to become a better decision-maker, a more mindful negotiator, and a more effective communicator. It can help you to lead your own family members toward consensus around some of the most important decisions you will ever face together.

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Family Business Abundance: How to Scale Your Company and Succeed Together Across Multiple Generations

by Bradley Fisher

For some, family business is the best way to become wealthy, to cultivate human capacity, and to make an impact on the world. It can be incredibly satisfying, and at times, even fun to work with the ones whom you love the most. Rewarding, satisfying, and sometimes even fun. But not easy.

In Family Business Abundance you’ll be introduced to successful multigenerational families, and a comprehensive management system you can employ to strengthen your family and business. The system consists of three mindsets and three building blocks. It will serve as a guide for current leaders, for the people with you today, and for future leaders, yet unborn, who will carry on your mission with purpose and gratitude in their hearts.

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Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask

by Tom McCullough, Keith Whitaker

A critical resource for families managing significant wealth. Wealth of Wisdom offers essential guidance and tools to help high-net-worth families successfully manage significant wealth. By compiling the 50 most common questions surrounding protection and growth, this book provides a compendium of knowledge from experts around the globe and across disciplines, including contributions from Continuity’s own experts, Doug Baumoel and Blair Trippe.

Deep insight and thoughtful answers put an end to uncertainty, and help lay to rest the issues you have been wrestling with for years; by divulging central lessons and explaining practical actions you can take today, this book gives you the critical information you need to make more informed decisions about your financial legacy. Vital charts, graphics, questionnaires, worksheets and other tools help you get organised, develop a strategy and take real control of your family’s wealth, while case studies show how other families have handled the very dilemmas you may be facing today.

Managing significant wealth is a complex affair, and navigating the financial world at that level involves making decisions that can have major ramifications ― these are not decisions to make lightly. This book equips you to take positive action, be proactive and make the tough decisions to protect and grow your family’s wealth.

  • Ensure your personal and financial success and legacy
  • Access insight and data from leading experts
  • Adopt the most useful tools and strategies for wealth management
  • Learn how other families have successfully navigated common dilemmas

When your family’s wealth is at stake, knowledge is critical ― and uncertainty can be dangerous. Drawn from interactions with hundreds of wealthy individuals and families, Wealth of Wisdom provides a definitive resource of practical solutions from the world’s best financial minds.

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Deconstructing Conflict: Understanding Family Business, Shared Wealth and Power

by Doug Baumoel and Blair Trippe

Deconstructing Conflict looks at family business conflict, or conflict over shared wealth, as one example of a broader category of conflict: identity-based, systemic conflict among stakeholders who share important continuing relationships.

This acclaimed work draws upon nearly fifteen years of experience in which Baumoel and Trippe have helped scores of enterprising families navigate the challenges of owning and managing together as family.

Based upon their groundbreaking methodology known as “The Conflict Equation,” the book presents five foundational concepts to help readers deconstruct conflict into its component parts. It will help you understand the reasons that underlie all conflict, what triggers active conflict, and why conflict can be so extreme and intractable in family business systems.

This book will arm family business stakeholders and their advisors with the most cutting-edge thinking for achieving generational success in family enterprise.

With a Foreword by Tim Phillips – CEO and Co-Founder, Beyond Conflict.

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Hear what Doug and Blair have to say about Deconstructing Conflict… in their own words.

Continuity Founding Partner Doug Baumoel discusses The Conflict Equation and why a mathematical tool is so effective in managing behavioral issues.

Continuity Managing Partner Blair Trippe outlines how enterprising families will benefit from reading and understanding the material in Deconstructing Conflict.

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