Done right, allowances are a great way to teach children not only the difference between wants and needs, but also rudimentary budgeting skills and the satisfaction that comes with the responsibility of giving back.
Read this short piece published in Impact online magazine on April 21, 2022 in which is embedded a short video clip.
Read my thoughts on how to protect your family’s assets and still avoid World War III in this short article, published in Talking Trends online magazine on March 9, 2022.
Watch a short video clip here.
I spoke at a virtual meeting of the Tacoma Estate Planning Council on January 11, 2022. Many groups now enjoy virtual access to speakers that they otherwise could not, without the outlay to reimburse travel expenses. If you are planning a virtual event, let’s hop on a call and explore whether I might be a good speaker for your event!
Please read this short article in Point of View online magazine published on February 15, 2022 with the story behind why I call my talk, A Hard Look at the Soft Issues, as told to the Tacoma Estate Planning Council. There’s a brief video clip embedded in the piece as well.
Some of you may know that I spent the 4th quarter of 2021 recovering from multiple stress fractures in my hip and sacrum sustained while running my first-ever half-marathon in mid-September. For those interested, I did finish, and even medaled! Fortunately, I was able to avoid surgery, but only with being zero-weight bearing for 6 weeks, followed by 10% weight bearing for the better part of another month, then partial (50%) weight bearing, etc. The good news is that I’ve finally turned the corner, and believe that in the coming weeks I will be able to discard my crutches completely.
As you might imagine, I’ve had plenty of time to think and reflect during my convalescence, and the start of a new year seems like an ideal opportunity to share some of my lessons learned. They are not new year resolutions per se, more like past year reflections:
Practice random acts of kindness: This injury, and my resultant time sitting in a wheelchair, and then walking with crutches, has taught me enormous empathy for those for whom physical disability is not a temporary condition. Every crack in the sidewalk or uneven paving at curb ramps is potentially hazardous. It has also taught me overwhelming appreciation for the kindness of strangers. New Yorkers get a bad rap for their attitude, but special thanks to the airport wheelchair staff, the construction worker who came down off his scaffolding to move a pylon for me to pass in my wheelchair, and countless nameless bystanders who opened doors for me and offered other random acts of kindness.
“Health is the greatest gift” (Buddha): The pandemic has taught us all that the old maxim, “When you have your health, you have everything. When you do not have your health, nothing else matters at all,” is indeed true. Too many people worldwide lost their lives or suffered debilitating symptoms from the coronavirus. Compared to them, I know I shouldn’t complain. I may not have been able to walk unassisted, but I was able to breathe comfortably, spend time safely with friends and family, and even travel a bit.
Sleep Matters: For about a month during my convalescence, I couldn’t sleep at night. I got cranky, irritable and even lost my usual upbeat optimism. Thankfully, the issue seems to have resolved, but I’ve learned how important getting enough sleep is to my positive attitude and overall sense of well-being.
Don’t Sweat the Small Stuff: The little annoyances of life are just that, little annoyances. Countless small tasks and projects of life were put on the back burner while I was unable to focus on them. Other details became primary concerns, like managing doctor appointments, X-rays, MRIs, physical therapy, etc. Most of those small tasks are still undone, and I can focus on them with a clear head and the realization that they didn’t need to be accomplished urgently.
Double Down on Priorities: I cannot begin to express my overwhelming gratitude to my amazing husband who became my primary caregiver, in addition to my lifelong sun, moon and stars. A public ‘Thank You’ is the very least I can do. I am so grateful to my family and my family-by-choice for their love, caring and support during this time and always. You are my priority.
Life is Too Short: This last one is really the corollary to and outgrowth of the other 5 on my list, but it bears repeating. Life IS too short. My wonderful husband reminds me of that all the time while encouraging me to spend more time on the things that give life pleasure and meaning.
Wishing you and those you love a healthy, safe, happy and meaningful 2022!
Published by Impact online magazine, January 10, 2022.
I spoke at my second in-person LIVE conference since Covid, at Opal Group’s excellent Family Office & Private Wealth Forum West in beautiful Napa, CA on October 20-22, 2021, where I presented on Family Governance, and also hosted a private closed-door session for families and family offices on governance and succession planning.
Please read this short article in Talking Trends online magazine published on December 6, 2021 about my comments on Communication in Family Governance from my panel presentation on Family Governance. There’s a brief video clip embedded in the piece as well.
I spoke at my second in-person LIVE conference since Covid, at Opal Group’s excellent Family Office & Private Wealth Forum West in beautiful Napa, CA on October 20-22, 2021, where I presented on Family Governance, and also hosted a private closed-door session for families and family offices on governance and succession planning.
Please read this short article in Impact online magazine published on November 10, 2021 about my comments on Family Constitutions from my panel presentation on Family Governance. There’s a brief video clip embedded in the piece as well.
Christa Dowling, International Cultural Communication Advisor, interviewed Susan. To learn more about what makes Susan tick, read an extract of their conversation here, published October 6, 2021. Also read a synopsis in Point of View online magazine published October 12, 2021 here.
Family meetings are an important component of the family governance structure to reinforce the family’s mission, vision and values.
Watch this short clip of my Opal Family Governance presentation on the who, what, when, where, why and how of family meetings. Read a short piece about it as published in Insights for Leaders online magazine on September 14, 2021.
Read Susan’s views on the 3 critical stages of planning for a transition at the top in Leadership Succession Planning in a Family Business as published in Inspiration And Insights online magazine on August 1, 2021 or watch a short clip here.
As I reflect on the 8 years since I founded Wealth Legacy Advisors in July 2013, and throughout my career working with ultra-high net worth families, the one consistent question I hear is: What are other families doing in this situation? How are other families successfully raising their children in an atmosphere of wealth to become competent and confident stewards of their wealth?
I have worked with many families of wealth over the course of my career. The beauty and the thrill of the work that I do is that every family is unique, like a snowflake; nevertheless, a distinct pattern has emerged in families who have engaged me to help guide them through a particular challenge they face. In all cases, the families have significant wealth, whether inherited or created at their generation, such that they are thinking about their legacy and the generations that will come after them.
Although I am a ‘recovering’ Trusts & Estates attorney with a J.D. and LL.M. in Taxation, I do not practice law or give any legal advice. Although I am a CPA and have an MBA, I do not give any tax, accounting or professional advice of any kind, but I use my skills, background and experience to inform my work with enterprising families and the challenges they face.
Some recent examples of families* who have engaged me to facilitate their discussions include:
The Dixon family created a family bank-like structure to provide seed money to family members who wished to start a business, with required family co-ownership for any business launched as a result. One family member’s business did not match the ownership structure envisioned by the rest of the family, which resulted in disharmony and upset.
Our work with the family led to a deeper discussion of the family’s underlying values, including how to educate the grandchild generation about the family’s story and principles. The values discussions branched out into a vision of a collective family philanthropy initiative.
The Lynch family faced an impending leadership succession dilemma. The business founder and visionary was approaching age 80, the two other family members active in the business were in siloed operational roles, and the founder did not believe they had the strategic skills to succeed him in the top role.
After a series of family meetings, the family collectively decided to sell the company now while the founder was still able to maximize sale value.
The George family, whose operating family business was planning a significant transaction that required all the shareholders to commit to keep their capital invested in the business for a period of years. For financial as well as family dynamics reasons, some of the cousins wanted to deploy their capital elsewhere.
After a series of facilitated meetings centering on fairness and respect, these cousins exited the family business so they could strengthen their family relationships without the stress of being co-investors. The remaining family members were pleased to have family harmony restored.
The Harris family had established a family limited partnership to invest in private equity. One 2nd generation family member managed the private equity and asked for an enhanced compensation formula. This request sparked dissention and conflict, but it turned out that the underlying issue was actually the perceived favored position of this family member with the family patriarch.
Our mandate was to restore family harmony among the 2nd generation. One of our facilitated family meetings culminated in a spontaneous group hug among all of them!
These stories all are different, but the one common theme is the struggle at the intersection of family business and the dynamics of inter-generational communication.
*Names and some details changed to preserve client confidentiality.