In order to create a successful Family Wealth Enterprise, developing an effective framework for communication and decision-making is vital. This framework – from the simplest structure to the most complex system for a multi-generational family – can reduce emotional intensity and conflict among family members, which will allow effective management and/or transfer of wealth.
With more than ten years of experience working with sophisticated families, Elaine strives to bring intentionality to planning, resulting in family cohesion and harmony.
Before setting up such a framework, Elaine helps families view their wealth as an enterprise comprised of both human and financial capital. This framework is referred to as Family Governance. Although Family Governance strategies vary greatly and rarely look the same from family to family, there are three aspects that define a successful governance strategy in a family’s wealth overall picture:
- Understanding the family’s collective values, mission and vision as it relates to the family’s wealth.
- Creating policies and procedures for essential decisions.
- Meeting regularly to accomplish clearly defined responsibilities