Developing A Family Vision
Developing a Family Vision.
A Family Vision essentially answers the question, “What is the purpose of our money?”
This seems like an obvious question, but there’s often not an obvious answer.
When family members have different visions for how the family wealth should be used, especially across generations, it’s counterproductive at best. There can be conflict, frustration, and a sense that one family member is undermining another one’s goals. At worst, it can destroy a family’s estate—and even the family itself.
Forming a Family Vision helps everyone get on the same page and crystallizes your family’s core values. We believe having a vision like this in place is crucial for a successful transfer of wealth—and transfer of values—down the road.
There are different ways to go about this. Corporate America understands this process. Most large, thriving companies have a clearly defined mission statement. They have guiding principles, quarterly goals, and five-year plans, as well as documents describing their culture. Collectively, these documents and goals help everyone work toward a common vision.
Some families outline a comprehensive mission statement. No matter how far you take the process, research shows that when families rally around a common vision, their bond is strengthened across the generations.
The more aligned a family is with their vision the more likely it is that you will share a sense of family stewardship and a vision for wealth that stretches far into the future.
For more ideas on how to pass on your wealth, values, and financial knowledge to your children and grandchildren, please reach out to our team.