We were pleased to be able to welcome Doug Freeman and Dr. Lee Hausner as our speakers for the 6th GPA conference.
For their morning and afternoon speaking sessions, they spoke on the following topics:
How do successful financial families create generations of competent, caring, and productive heirs? How do they organize themselves? How do these families prepare their children and grandchildren for the responsibilities of wealth?
We all wish to build and perpetuate a healthy, loving, connected, and successful, family that will continue through the generations. We want our family to prosper, and to live in safe and prosperous communities. We call this a “legacy family”. But, how does one create such a family? What will your family look like over the next five generations? If the story of your family were written then, what would it say and would it make you proud?
Whether the asset is an operating business or investment real estate, it is very possible that family members will share ownership in or responsibilities with their siblings and other family members. Sometimes the ownership is held outright, sometimes it is held in a structure like a limited liability company or family limited partnership.
Such shared ownership can enhance the collective wealth of all the owners, but it can also create significant disagreement amongst them. We will look at the key issues that determine success … selection of management – family versus non-family; compensation of management – how much and who decides; conflicting goals of the stakeholders --management, active owners, and passive owners; allocation of profits between active and inactive owners; exit strategies – uncoupling the economic umbilical cord; and communication between management and owners.
Implemented well, shared ownership can continue and flourish through the generations. Implemented poorly and the results can range from continuous family squabbles to outright litigation and ultimately to liquidation or sale of the asset.
We also had a panel of local gift planning experts for an interactive panel session, moderated by our board member and Nevada Community Foundation President Gian Brosco:
Thank you to all who have participated!