Tip of the month:
Lately I am hearing a lot of talk about collaboration, and it seems that the younger generation "gets it" better than some of the older folks.
Business and legacy families are pretty complex, and they usually have a handful of advisors, each of whom specializes in different, important areas.
If your advisors are not working together, who knows how many important details are getting missed. Slowly but surely, the advisors are learning how to do a better "holistic" job for their client families.
Families should be asking for this, or at least not standing in the way, in the name of saving a few bucks in professional fees. One overlooked detail can easily cost you many years worth of fees.
FFI members can expect to see my latest article in The Practitioner weekly newsletter on February 15.
"Getting Everybody on the Same Page (By Getting EveryTHING on One Page)", and I am working on a longer version that will be available in March.
Outside link of the month:
Here is a quote from the piece, which illustrates why I chose it:
" Family business owners would be wise to create a reasonable balance between time and energy focused on the business and time and energy focused on family relationships."
Until next month's newsletter.
I hope you enjoy my weekly blogs in between.
MBA, CFA, FEA
Family Business Advisor
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