Of course, you already know that one of the wisest steps you can take to look after your family is to save and grow your assets. The first question is “how?” The other question is “how much?”
For example, what are the best risk-versus-growth options for you? Or, what mix of your investments should be held within your operating company versus a myriad of outside options? Another important decision: how much of your accumulation should occur at the enterprise level, and how much should be at the private family unit level? The answers to these questions vary widely from one family enterprise to another.
How about family members who want seed money to start their own business. They are clearly motivated to accumulate new assets of their own, and you want to support them in this, but is their venture a good choice? Or, if they have a good idea but you aren’t sure they understand all that goes into making it a success, would personally-crafted business coaching help them to make it work?
What about a conflict of opinions about what your overall family/business/wealth network’s long term strategic plan should look like? Does each family group within the larger enterprise each have a financial plan and accumulation strategy that they follow with discipline?
Success at creating a solid and secure portfolio for you, your family, and your enterprise will liberate you from worrying about circumstances that will prevent you or your business from earning your necessary annual revenue. It will also help you establish a healthy post-business income stream for that future day when you decide it’s time to explore other adventures.