MYTH: FINANCIAL WEALTH IS ALL YOU NEED TO SECURE YOUR FAMILY’S FINANCIAL FUTURE
“Family governance” consists of the structures, practices, and protocols that define how your family organizes itself and makes decisions. Family governance is particularly important for families who need to manage shared financial assets. It generally includes helping your family to:
As important as these features are, family governance is the tip of the proverbial iceberg.
The effectiveness of any family governance apparatus is dependent upon the people who are expected to abide by it.
I have only one sibling, an older brother. To say that we are very different would be an understatement. We were not close growing up, and were estranged as adults – until recently. I’ve never worked in our family business; it’s the only place he’s ever worked. He and I are still worlds apart in terms of our social and political views, but thanks to Thomasina, my brother and I talk all the time now.
It didn’t happen overnight, and it wasn’t easy. But as a result of Thomasina working with us to open the door, and encouraging and supporting us to walk through it, my brother and I are enjoying a relationship in our Baby Boomer years that neither he nor I thought was possible before.
I got more out of my conversations with Thomasina than talking to a therapist. She helped me to see and understand my family in a way that I had never considered before. She also helped me think through some family business issues I was having difficulty navigating because of the emotion involved.
With Thomasina’s coaching and support, I’m learning to communicate better with my adult children and manage how I interact with them. My children have even noticed the change in me. They too are making strides. They are now talking to each other with love and patience, and working through their differences. As she reminds us, it’s a process that will take time and nurturing, but my family and I have made significant progress working with Thomasina.
Imagine the possibilities if you invested in the individual and collective capabilities of your family with the same level of intention and attention that you apply to your business.
You’ve accumulated financial capital. Let’s work together to cultivate your Family Capital.
The longer you wait, the wider the gap grows between where you are and where you’d like to be.
We help families develop leaders to sustain both their financial wealth and their individual and collective well-being across generations.