wide genleg co 07-20-2020 presentation gordon curriculum
TRANSCRIPT
Strong Families Survive Tough Tim
es.The Tim
es Are U
pon Us, H
ow’s Your Fam
ily?
Families are Failing, B
ut Things Are Starting
to Change.
Tom &
Cathy R
ogersonG
enLeg Com
panyC
reating Generational Legacy.
Tom@
GenLegC
o.comw
ww
.GenLegC
o.com617-688-2029
70%
97%
Of all w
ealth transfers fail in one generation.
Of all m
ulti-generational wealth transfers fail w
ithin three generations.For Love and M
oney, Roy W
illiams
61%
86%
Rate legacy developm
ent as a top financial need. M
indscape Study
Of fam
ilies say it is important to leave values and life lessons as inheritance.
Morningstar
Of fam
ilies say, “Our plan does not deal w
ith our goals, wants, and objectives!”
David York
90%
Heckerling attendees said biggest threat to their estate planning w
as: “Family C
onflict“TD
Wealth
46%
Stats to Consider:
Client Study –
Wealth -
“SHIR
TSLEEVES TO SH
IRTSLEEVES?”
4th G
eneration Lam
entation(G
enealogy)
3rd+ G
eneration Enjoym
ent
1st G
eneration C
reation
2nd G
eneration A
ssimilation
$
TIME
Careers:
Entrepreneur,R
/E Developer,
CEO
, ...
Careers:
Attorneys,
Accountants,
Investment
Advisors, ...
Careers:
Actors,
Musicians,
Park Rangers,
Ski Patrol, ...
“I must study politics and w
ar that my
sons may have the liberty to study…
m
athematics, …
comm
erce, and agriculture, in order to give their children a right to study painting, poetry, (&
) m
usic, ...” John A
dams
John Adam
s of Massachusetts
"If you ever think you're too important, ask
your kid about your grandfather, she doesn't know
him. That's how
fast we are
here. You are two generations from
being forgotten."
Benjam
in Watson
Benjam
in Watson –
2005 Tight End for NE Patriots
“They did what they thought w
as normal, but no one
actually taught them w
hat Norm
al really was.”
Cousin C
harlie
Rogerson Fam
ily Eventual Failure -Why?
Failure doesn’t require huge sums of m
oney lost. Small
sums can be just as dam
aging. For example, a firefighter
inherits $250,000. Buys a new
pool and puts an addition on the house.N
ow he faces higher taxes and upkeep w
ith no additional incom
e. He m
ay have improved him
self out of a home.
No one taught him
a “sustainable spend rate.”
1) Financial wealth is gone. Enterprises, Structures &
Assets
Financial security disappears –“D
ivide and Dissipate”
2) Family Identity
and History
forgotten or lost.W
ho Are W
e?W
ho were w
e and who do w
e want to be?
“When a G
randparent dies, a Library burns down.”
3) Family Independence to the point of Estrangem
ent.To K
now and to be K
nown? To Trust and to be Trusted? N
ot!Yet R
esilience comes from
Connection, Place &
Purpose.W
ho Are You?
Disharm
ony, Conflicts &
Resentm
ents are Thriving!“W
ho’s in your cell phone contact list?” Cousins? 2
nd? 3rd?
THE D
EFINITIO
N O
F “FAIL”
“What you did is your H
istory. What you set in m
otion in your fam
ily is your Family Legacy!”Leonard Sw
eet-ish
60% of Failure is D
ue to a Lack of Com
munication and Trust W
ithin the Family
Around G
roup Decision M
aking, Education and Governance. Fam
ily Culture?
Risk R
eality–
“What B
it Me?”
WH
Y DO
90% FA
IL?
25% of Failure is D
ue to Unprepared H
eirs.Family C
ulture?
Less than 5% of Failure is D
ue to Failures in Financial Planning, Taxes and Investm
ents!
10% of Failure is D
ue to No C
larity of Family Purpose and Individual Place.
Family C
ulture?
Source -William
s and Pressier
60%of Failure is D
ue to a Lack of Com
munication and Trust W
ithin the Family
Around G
roup Decision M
aking, Education and Governance. Fam
ily Culture?
Risk R
eality–
“What B
it Me?”
WH
Y DO
90% FA
IL?
25%of Failure is D
ue to Unprepared H
eirs.Family C
ulture?
10%of Failure is D
ue to No C
larity of Family Purpose and Individual Place.
Family C
ulture?
If this is the problem,
Why isn’t the focus on “Fam
ily Culture?”
“The Advantage” -
Patrick M. Lencioni
Three Biases
-R
easons not to change “Culture”
Sophistication Bias –“U
nderestimate the im
portance due to sim
plicity and too obvious.”“N
ot new, so not important!”
Adrenaline Bias –“Too focused on activity, not health!”
“We’re too busy for this!”
Quantification Bias –
“Can’t quantify and m
easure, so why try.”
“What are the m
etrics?”
NY State Bar Fam
ily G
overnance Sym
posium
“I watched the w
ebcast from
Albany, and it w
as an Excellent, w
ell-rounded program
!”
Sally Bratten, CLE Program
Attorney
Family W
ealth and Legacy Resources -Education
Raising Younger C
hildren:�
Raising Financially Fit K
idsby Joline G
odfrey�
Cleaning H
ouse: A Mom
's 12-Month Experim
ent to Rid H
er Hom
e of Youth Entitlement by K
ay Wills W
yma
�w
ww
.DoughM
ain.com-K
en Dam
ato&
Ned H
entz�
The Financially Intelligent Parentby Gallo &
Gallo
�The B
lessing of a Skinned Knee
by Wendy M
ogel�
The Opposite of Spoiled
by Ron Lieber
Teaching Teenagers, Parents and Older
�The U
ltimate G
iftby Jim Stovall (The book is better than the m
ovie at teaching children the lessons).
�The Price of Privilege
by Madeline Levine
�The M
yths of Happiness
by Sonja Lyubomirsky (“H
edonic Adaptation”)
�The M
yth of Lazinessby M
el Levine M.D
.�
Kids, W
ealth, And C
onsequencesby M
orris & Pearl
�A W
hole New
Mind
by Daniel Pink
�Failure to Launch
by Mark M
cConville, Ph.D
.�
The Born R
ichVideo by Jam
ie Johnson (HB
O)
�C
hildren of Paradiseby Lee H
ausner�
Family W
arsby G
ordon & N
icholson�
The Pecking Orderby D
alton Conley (poorly w
ritten but interesting data)
Com
munication and Team
building Resources
Assessm
ents:Use A
ssessments carefully, they are not perfect.
•Stratton C
onsulting Group ILS Test –
ww
w.strattonconsulting.com
(best at changing group dynamics)
•Strengths Finder 2.0
by Tom R
ath(good for learning individual strengths)
Relationship B
ooks and Tools:•
Understanding O
ther Peopleby B
everly Flaxington•
Triggersby M
arshall Goldsm
ith and Mark R
eiter•
The Road B
ack To Youby Ian M
organ Cron and Suzanne Stabile
•B
ig Talk -G
reat Family C
onversation Cards –
ww
w.m
akebigtalk.com•
Food For Talk –O
ther Family C
onversation Cards
•The Stories W
e Tell Ourselves
by Scott Gornto
•R
adical Candorby K
im Scott
•M
agnificent Mind at A
ny Age
by Daniel A
men M
.D.
•D
econstructing Conflictby D
oug Baum
oeland Blair Trippe
•H
ow To W
in Friends and Influence Peopleby D
ale Carnegie
Managem
ent “Working together” books that relate to Fam
ily as well
•O
utliers, The Tipping Point(“Values vs. Experiences”), David &
Goliath
(“Wealth &
happiness” “Dyslexia &
agreeableness -Parts 1 &
2 of this book) -A
ll by Malcolm
Gladw
ell •
The Five Dysfunctions of a Team
and The Advantage
–B
oth by Patrick Lencioni
Family Values –
Mission/Vision &
Family Experiences
Values and Experiential Exercises: �
Working W
ith The Ones You Love
by Dennis Jaffe -
Changew
orksValues Edge K
it –w
ww
�21/64 “Values C
ards” –w
ww
.2164.net�
Ethical Wills –
Susan Turnbull –w
ww
.yourethicalwill.com
�The Ten Lenses
by Mark A
. William
s�
Beyond Success
by Randall J. O
ttinger�
Halftim
eby B
ob Buford
�The A
dversity Advantage
by Paul Stoltz Ph.D. Eric W
eihenmayer
�The H
appiness Advantage
by Shawn A
chor
�Fam
ily Entrepreneurship Program: C
all us at GenLeg C
o. for details (617) 688-2029 Parent &
Child Experience -“D
o to Learn!” -R
ather than -“Learn to Do!”
Family Team
building Experiences: �
Outw
ard Bound, w
ww
.outwardbound.org
(Thompson Island, B
oston -ask for Ellen Harris)
�G
eocaching -B
uild a Boat -
Escape Room
-A
ll are great Teambuilding activities. C
all us for other suggestions.
Family Philanthropy R
esourcesFam
ily Philanthropy:�
Giving it all Aw
ayby D
avid Green and B
ill High
�The M
oment of Liftby M
elinda Gates
�M
ission Driftby Peter G
reer and Chris H
orst�
Wealth in Fam
iliesby C
harlie Collier
�Philanthropy, H
eirs and Valuesand Preparing H
eirs-B
oth by William
s and Priesser�
Can’t Take It W
ith Youby Lew
is Cullm
an�
Give $m
artby Thomas Tierney &
Joel Fleishman
�Leap of R
easonby M
ario Morino
�H
abitat For Hum
anity -DO
it as a Family!
�Social Venture Partners
�M
icro Finance –kiva.org?, etc.
�N
ew Process of Fam
ily Giving vs. Individual G
iving or Giving to “Past Pets”
Call us at G
enLeg Co. for details (617) 688-2029
Governance
-�
Family W
ealth: Keeping It in the Fam
ily –Jay H
ughes�
Strangers in Paradise–
Jim G
rubman
�B
uilding a Hundred Year Fam
ily Enterprise–
Dennis Jaffe
�Fam
ily Legacy and Leadership: Preserving True Family W
ealth in Challenging Tim
es by Mark D
anielland Sara Ham
ilton�
Family B
usiness and Positive Psychologyby Scott E. Friedm
an�
For Love & M
oneyby John A
mbrecht, H
oward B
erens, Richard G
oldwater, &
Tom G
orman
�B
eyond Successby R
andall Ottinger
�Em
powered W
ealthby B
rower/Thurber
�Fam
ily Mission Statem
ent and/or Family C
onstitution –N
ot for everyone but Imperative for som
e?•
Call us at G
enLeg Co. for details (617) 688-2029
Governance R
esources
Planning-
�Entrusted
by Andrew
How
ell and David York
�W
inners Take Allby A
nand Giridharadas
(To give you a glimpse at the perspective of those that w
ant to take wealth from
you)
Investment M
anagement –
Wall Street’s Productapproach vs a Fiduciary
approach.�
Inside Job(M
ovie about the problems w
ith Wall Street’s approach and conflicts of interest)
�Financial D
NA
by Hugh M
assie�
Why I Left G
oldman Sachs
by Greg Sm
ith�
Capitalism
Without C
apitalby Jonathan Haskeland Stian
Westlake
�The Experience Econom
yby Joseph Pine and Jam
es Gilm
ore
Geopolitics (and the affect it can have on Fam
ily Legacy}•
The Fourth Turningby W
illiam Strauss and N
eil How
e•
The Storm B
efore the Calm
and The Next 100 Years
–B
oth by George Friedm
an•
The Accidental Superpow
erand The Absent Superpow
er–B
oth by Peter Zeihan
Planning & Investing R
esources, along with G
eopolitical Risks
Family Stories of W
ealth and Loss
�M
ellon: An A
merican Life by D
avid Cannadine
�B
eer Money
by Francis Stroh�
Dethroning the K
ingby Julia M
acintosh�
The King of C
aliforniaby M
ark Arax
and Rick W
artzman
�B
arons of the Seaby Steven U
jifusa�
Titanby R
on Chernow
(about Rockefeller)
�The First Tycoon
by Mark D
eakins (about Vanderbuilt)�
Andrew
Carnegie
by David N
asaw�
Becom
ing Steve Jobsby B
rent Schlender and Rick Tetzeli
�The B
ig House
by Colt G
eorge How
e�
The Big R
ichby B
ryan Burrough
Extra Resources
For Families in B
usiness�
Preserving the Legacy of a Family-O
wned B
usinessby B
achmeyer&
Snyder�
Perpetuating the Family B
usinessby John L. W
ard�
Generation To G
enerationby John D
avis, Gersick, M
cCollom
, & Landsberg
�W
orking With the O
nes You Loveby D
ennis Jaffe�
Teaching Entrepreneurshipby N
eck, Green and B
rush�
The ON
E Thingby K
eller & Papasan (A business book but the lessons can be applied to the fam
ily)
Family Entrepreneurship Program
: Call us at G
enLeg Co. for details (617) 688-2029
Parent & C
hild Experience -“Do to Learn!” -
Rather than -“Learn to D
o!”
Other Fam
ily Wealth and Fam
ily Legacy Books
�C
EO D
adby Tom
Stern (Good H
umor)
�N
avigating the Dark Side of W
ealthby Thayer W
illis�
The Golden G
hettoby Jessie O
’Neill
�M
oney Harm
onyby O
livia Mellan
�Loonshots
by Safi Bahcall
�W
hite Picket Fencesby A
my Julia B
ecker
Our Passion and M
ission is to:Intentionally introduce and reintroduce a
family to itself repeatedly, w
ith tools, activities and m
etrics to create and measure success.
“To Educate, Motivate and Facilitate!”
GenLeg C
o., Inc. Mission Statem
ent
Tom Rogerson
CEO, G
enLeg Co.Tom
@G
enLegCo.com617-688-2029
Cathy RogersonDirector, G
enLeg Co.Cathy@
GenLegCo.com
617-750-2029
Thoughts on:
�W
hat are the most im
portant things lost in the “Shirtsleeves to Shirtsleeves” Paradigm
?
�R
egarding: “Lack of Trust around group decision making” being the
key problem. In w
hat ways does or doesn’t this resonate w
ith you?
�W
hat other factors would you have thought w
ould have been indicated by respondents?
�Is Fam
ily Culture ignored, and if so, w
hy?
�W
hat level of wealth is needed to benefit from
this knowledge?
Group D
iscussionH
uddle