HAVE YOU EVER THOUGHT THAT What you have isn't nearly as important as what you plan to do with it.

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Align your vision
with your values.

In the past few decades, families have become much savvier about how they structure their philanthropies. Some even use them as teaching tools, requiring younger members to identify projects for funding and make presentations to a board in order to secure it. 

What would happen if families took a similar approach to funding their own business ventures? 

What if a pool of money were to be set aside for entrepreneurship? Family members could receive low interest loans from this pool for various projects, but only after making a presentation to the “bank’s” board.

Younger family members could learn from the input of more experienced members, while the latter would develop an appreciation for the talents and dreams of the former. The family’s financial capital would be harnessed on many levels and, because the loans would be repaid, would also grow.

This approach is not new; the founder of the renowned Rothschild banking empire did something similar with each of his sons. While few families will become the Rothschilds, every family has the potential to cultivate multiple, successful branches that support the overall mission of the whole.

 

 

 

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25% of family business owners think the next generation is not competent to move into leadership roles.

LNT