This page contains a Flash digital edition of a book.
ANALY SIS THE


FEISAL ALIBHAI, QINETICARE FOUNDER AND CHIEF EXECUTIVE, REVEALS WHY A FOCUS ON THE WELLBEING OF THE FAMILY IS THE MISSING PIECE IN


THE ABILITY TO ACHIEVE ROBUST


SUCCESSION PLANNING


KEY


LONGEVITYFAMILY T


TO


o protect a family’s longevity, shrewd principals engage in detailed succession planning, which is vital to demonstrate true caring and love. Despite this


meticulousness, succession continues to fail at an unacceptable rate, with wealth too often wiped out by the third generation. Yet financial aspects are the cause of


succession failure in only 3% of cases, according to Roy Williams and Vic Preisser in a study they carried out on 3,250 families who had lost their wealth. Communication challenges account for 60% of failures, with another 10% due to lack of trust among family members. Campden Research anecdotally puts a lack of communication as a significant root cause for succession planning failure, along with a lack of preparedness and training. While we obviously love our family and want


to go out of our way to ensure we care for them, our focus hasn’t always been on the individuals who make up the family—and yet they are the ones who will preserve the family’s wealth and legacy. In reality, most of our time, energy and resources are allocated to the family business and the family office. This raises the question, “If we are to truly


care for the family, how might we extend our planning to incorporate the wellbeing of the family members themselves?


36 CAMPDENFB.COM


WELLBEING AS AN ASSET In the same way families create trusts to protect their financial assets, we also need to consider protecting the wellbeing of each individual. This should encompass their physical, mental, and emotional health, along with the quality of their relationships—an aspect that’s foundational for effective communication and building trust. Let’s reflect on the use of a typical family


trust. The challenges we face lie much more in the wellbeing space than in the financial. It is here above all that we must ‘walk the talk’, ensuring that our actions are aligned with what we say regarding loving and caring for the family’s longevity and generational continuity. Only in this way will the purpose of our succession planning be brought to fruition. Is our approach to the wellbeing of our family


proactive or reactive? When we wait for a crisis before taking action, we act in the opposite way we approach the family’s finances. Medical concierge services are a great


means of accessing quality care and undivided attention. Access to the best wellness experts is an incredible way to improve our physical health. Coaches and mentors are an excellent support system as we journey through life. But all of these operate in silos, with each member of the family sourcing them individually. What is truly needed is a comprehensive platform that allows us to address the family’s wellbeing with the preparedness each deserves.


ISSUE 74 | 2018


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112
Produced with Yudu - www.yudu.com