Updated: Sep 8, 2020
We all want to see a clear path to success and future fulfillment. Where are all the sign posts to future success?
According to Accenture, succession is in full force today with the passing of assets to the next generation around $30 trillion. Women will control $22 trillion of that wealth by 2021 according to Business Insider. While some transfers can happen easily with simply signing documents, other aspects are a little more intangible and more complex than moving from point “a” to “b”.
For example, how can one set the foundation so that the next generation will be as good or better in their mindset and have the abilities to solve and manage problems? Will they exceed the learning curve required of them?
Enclosed are three ideas to assist in this process for a smooth and solid transition:
1. Have Face To Face Meetings:
People, in general, are uncomfortable with sitting down with each other for face to face meetings, to clarify and resolve psychological matters. Having said that, human contact is still a foundation of our lives.
While Twitter and social media create new words each week along with hashtags, responsibility still means being responsible. We cannot justify decisions away just because there are new words available to qualify a certain rationale. Individuals can have wounds under the surface that fester for decades, as it pertains to relationships and/or their past. These things need to be addressed.
2. Parents: Do Not Vex Your Children:
While this blog post is not intended to be religious, it is noted that scripture quantifies generational curses as lasting for four cycles or generations. What traditions or patterns are worth keeping and which ones are worth ending once and for all? Western scripture also provides a warning to not “vex” the next generation with problems too large for them to solve. Emotional baggage can be so heavy that it overwhelms their ability to function, enjoy life and be happy.
We may not be aware of how our actions impact another. And, there is a vast difference between love and control.
3. Find The Common Ground:
Relationships work best when there is a meeting of the minds around a common purpose. Families also survive best when they support one another’s growth and goals. It can feel like society today can readily break down the basic family unit with the divide/separation structure: sending kids off to daycare, private schools, a variety of mentors, etc. Who will take priority?
The family structure can best accomplish successful development to avoid the feelings of abandonment. Sometimes, numerous outside individuals can provide positive influence but they can also provide instability and confusion related to basic values.
Outside parties can often measure their success by your family’s success because of their mutual involvement. A legacy advisor can assist with the clarification of maximizing your influence and minimizing distractions. Distractions, which is what the world is bombarding us with everyday.
Most leaders receive enormous support in growing their professional goals, while they have little to no support to grow their bigger vision or dreams. At Legacy Planning, we guide clients for 12 months to move them from concept to completion. When clients retain us, we increase their wealth by aligning their values & developing their focus so their legacy becomes a reality.