2024 Week 49

The Entrepreneur’s Encore: A Guide to What’s Next

by BlogLife ChangesSocial Impact

The Entrepreneur’s Encore: A Guide to What’s Next

Your entrepreneurial vision created more than business success—it built a foundation for lasting impact. As your enterprise evolves beyond requiring your daily presence, a new opportunity emerges: transforming business achievement into enduring family wealth and legacy.

The strategic mindset that drove your success now opens powerful new pathways: shaping multi-generational wealth, strengthening family governance, and creating impact that transcends traditional business boundaries. This next phase harnesses your proven expertise to build something even more significant—a legacy of purposeful wealth.

The Secret to Success Beyond Entrepreneurship

Entrepreneurship fundamentally involves problem-solving. You’ve likely spent years honing this skill, identifying distinct issues in the market and crafting solutions that meet real needs. This ability to spot opportunities and create innovative solutions has been your superpower, driving your business forward day after day.

This problem-solving skill isn’t confined to the business world. You can apply your analytical thinking, creativity, and perseverance to a wide range of fields, including social entrepreneurship, philanthropy, and personal development, among others.

Now is the time for you to explore using these skills in a new way, including stepping out of your comfort zone and exploring unfamiliar territory. Remember, many of the same skills that helped you successfully thrive in business will help you chart a course through this new phase of your life.

Expand Your Problem-Solving Horizons

Your enterprise’s self-sufficiency marks a strategic milestone—one that creates space for even greater opportunities. Your proven ability to solve complex challenges, as highlighted in the last section, positions you perfectly to shape lasting impact beyond the business world.

Consider societal issues, technological advancements, or global challenges that align with your family’s values, interests, and expertise. Your years of experience in identifying and solving business problems have been the training ground for supporting opportunities for societal impact.

Your business success naturally extends to other meaningful pursuits—from family wealth planning to community impact. The same skills that built your enterprise bring a fresh perspective to family governance, philanthropy, and legacy building.

Setting the Next Act Up for Success

The transition from running your business day-to-day to finding your next challenge to make greater impact can be one of excitement. Just like in business, there will be times when you feel unsure of your direction, which means you know how to move through this. Planning for this is the best course of action. Here are some strategies to implement so you can navigate any times of uncertainty with greater ease:

  1. Embrace the uncertainty: Unlike starting your business, where the goal was clear (solve a specific market problem), this new phase might feel more ambiguous. Embrace this uncertainty as an opportunity for exploration and growth.
  2. Reframe your perspective: Instead of viewing this period as the end of an era, see it as a chance to take stock of your skills, passions, and the impact you want to make. It’s not about replicating your business success but finding new ways to apply your problem-solving abilities.
  3. Experiment and iterate: Finding your next endeavour may require some trial and error before you find “the thing” that next excites you. Be open to experimenting with different ideas and roles.
  4. Seek new inputs: Engage with people outside your usual business circles. Attend conferences in unfamiliar fields, read widely, or travel to gain fresh perspectives. New inputs can spark unexpected ideas and opportunities.
  5. Be patient with yourself: Building a successful business takes time. So will finding your next meaningful challenge. Give yourself the grace to explore and even make mistakes as you navigate this new territory.

Remember: the same vision that built your enterprise now opens doors to even more meaningful achievements. This is where many successful business builders often find their most rewarding work—transforming business success into enduring family wealth and a purposeful legacy.

Turning Your Focus to Creating Your Legacy

The essence of your entrepreneurial self—the problem solver—will help you shift your focus from family business success to family legacy success. Consider mentoring aspiring entrepreneurs, investing in startups tackling global issues, or applying your business acumen to nonprofit organizations. You might even find fulfillment in addressing complex societal problems that require the innovative thinking you’ve cultivated throughout your career.

As you transition, recognize that different contexts require different approaches. While your problem-solving skills have served you well in business, personal relationships often require a more nuanced touch. Your family—children, grandchildren, or spouse—may not appreciate having their lives treated as business problems to be solved.

This doesn’t mean your skills are irrelevant in personal settings, but it does require adaptation. Focus on augmenting your emotional intelligence and communication skills to complement your problem-solving abilities. In family matters and personal relationships, listening and understanding tends to go further when building successful inheritors who will carry the family legacy rather than finding immediate solutions to long-term problems.

Your legacy builds naturally from business success to broader impact. When entrepreneurial achievement evolves into family wealth and purposeful governance, it creates lasting value that spans generations.

Listen to our Legacy Builders Podcast

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Your entrepreneurial expertise uniquely positions you to build lasting family wealth and impact. Ready to explore your next significant achievement in family wealth? Connect with Beacon Family Office to shape your legacy beyond business success.

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ABOUT THE AUTHOR

As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.

Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.

Picture of ABOUT THE AUTHOR

ABOUT THE AUTHOR

As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.

Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.

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4 Advantages of Healthy Relationships

Uniting Legacies: The Art of Merging Two UHNW Families

by BlogFamily DynamicsGovernanceSocial Impact
4 Advantages of Healthy Relationships

Uniting Legacies: The Art of Merging Two UHNW Families

It’s not an uncommon phenomenon for two ultra-high-net-worth (UHWN) families to merge when there is a union between family members. Driven by a variety of factors, these unions may arise from the desire to consolidate wealth in specific industries, diversify assets across sectors, or tackle larger philanthropic endeavours. In some cases, they are a strategic approach to preserving wealth and influence for future generations. Often, they are simply the natural progression of personal relationships between heirs of different families and are then tied through marriage.

However, merging UHNW families is a complex process as they often operate with sophisticated systems comparable to those of large corporations, encompassing intricate policies, rules, expectations, and traditions developed over generations. When two such entities unite, they face challenges in aligning values, integrating financial strategies, and managing both internal family dynamics and external perceptions. These unions have the potential to reshape industry landscapes, influence global markets, and have an impact on social and political spheres, in addition to the families involved.

For those navigating the elaborate process of merging UHNW families, there are three critical areas that must be addressed. These crucial aspects form the foundation for a successful merger, addressing the questions that many families grapple with: What strategies can we employ to merge our financial assets while preserving our collective social capital? How do we manage public perception and stakeholder relationships during this transition? And perhaps most importantly, what methods can we use to honour our distinct family histories while building a cohesive future together? The following sections delve into these critical areas, offering insights and strategies to guide UHNW families through the complex journey of unification.

Financial Integration and Wealth Management

The integration of financial assets and wealth management strategies in UHNW family unifications requires balancing the preservation and enhancement of each family’s social capital. This process involves combining philanthropic efforts, board memberships, and social commitments while maintaining long-standing relationships with various institutions and key stakeholders.

Investment strategies in these family relationships must account for both financial goals and social impact. Families need to reassess how their combined portfolio affects their public image and sphere of influence. Governance structures, typically managed through family offices, must be reconfigured to ensure fair representation and efficient oversight of both financial and social assets. In our own experience, we’ve observed that successful unions often hinge on how well families integrate their social capital alongside their financial assets.

Creating a cohesive strategy that maximizes the unified family’s resources while honouring individual family histories is crucial. This often requires objective, professional guidance to help navigate this intricate and complex process, strengthening the newly formed family’s collective influence and enduring legacy.

Managing External Perceptions and Relationships

When UHNW families merge, it inevitably draws attention from various external parties. Effective communication with business partners, social networks, and media outlets becomes crucial. Developing a coherent narrative about both the family’s rationale and anticipated benefits is essential to maintaining trust and minimizing misconceptions. This may involve appointing a dedicated communications team, crafting a detailed announcement timeline, and engaging with trusted advisors to address potential concerns from stakeholders.

Redefining philanthropic endeavours and social responsibilities is another key component in managing external relationships. Each family typically has its own set of established charitable interests and community engagements. A thorough evaluation of these existing commitments is necessary to formulate a philanthropic strategy that reflects the values of both families while potentially exploring new areas of social impact. This process, while challenging, offers the potential for increased influence, diversified wealth strategies, and expanded philanthropic impact.

Preserving Individual Identities Within the New Unity

In the process of merging UHNW families, maintaining the distinct identities of each family while creating a new, unified entity is crucial. This challenging task requires careful consideration and strategic planning to ensure long-term success. The objective is to construct a shared vision that not only respects but also incorporates the rich histories, values, and future aspirations of both families.

Cultivating an environment of mutual respect and understanding forms the foundation of this process. It’s important to facilitate open and honest conversations about each family’s background, core principles, and long-term goals. These discussions can take various forms, such as structured family meetings, informal gatherings, or collaborative philanthropic initiatives. Such interactions provide opportunities for family members to share their perspectives, concerns, and hopes for the future.

Five areas that often require a practical strategy to achieve the balance of individuality and a new identity include:

  1. A New Family Charter: Create a new or updated family charter that outlines shared values and goals while acknowledging and respecting each individual family’s traditions.
  2. Mentorship: Establish mentorship programs between generations – including between families – to pass down family histories and values.
  3. Philanthropy: Develop joint philanthropic projects that reflect the values of both families in their giving initiatives.
  4. Leadership Structure: Implement a rotating leadership structure in family governance to ensure equal representation.
  5. Family Events: Organize regular family events that celebrate and honour the unique heritage of each family.

By implementing these strategies and maintaining open lines of communication, families can work towards building a unified identity that honours their individual legacies. This approach not only strengthens family bonds but also creates a more resilient and adaptable family structure capable of navigating future challenges and opportunities.

Listen to our Legacy Builders Podcast

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Wondering how to preserve individual legacies while building a stronger combined future in this family setup? Connect with Beacon Family Office to explore how each of your unique family’s strengths can create a combined legacy.

Picture of ABOUT THE AUTHOR

ABOUT THE AUTHOR

As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.

Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.

Picture of ABOUT THE AUTHOR

ABOUT THE AUTHOR

As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.

Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.

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Make a Difference with Giving Tuesday

Raising Heirs with Purpose Through Philanthropy

by BlogLearning DevelopmentPhilanthropyRising GenerationSocial Impact
Make a Difference with Giving Tuesday

Raising Heirs with Purpose Through Philanthropy

For ultra-high-net-worth (UHNW) families aiming to develop responsible leadership in the next generation, raising heirs with a sense of purpose rather than entitlement or family expectations is critical. Instead of simply passing down wealth and influence without guidance, you can intentionally use philanthropy to set the tone for future generations’ involvement in stewardship.  

This intentionality allows your rising generation to gain insight into social issues, understand how their privileges can positively impact others, and develop leadership skills in stewarding family wealth responsibly. With thoughtful guidance and participation, they gain the competence and fulfillment that come from using their privileges to create positive change. By guiding heirs to lead with wisdom and compassion, you equip the next generation to build on the legacies of social responsibility. While this guidance will look different for each UHNW family, the following provides insights for laying the foundation of purposeful philanthropy for the next generation.

Engaging Your Heirs in Philanthropy Early

Exposing your heirs to philanthropic work as they grow up enables them to understand firsthand the power and privilege tied to your wealth, shaping their perspectives on social responsibility early on. Granting them visibility into your family foundation’s grantmaking process, for example,  provides critical education on societal issues and how thoughtful allocation of funds can drive change. This hands-on engagement builds confidence and the fundamental knowledge needed to guide effective philanthropy.

As they move into adulthood, managing subsets of family wealth and deepening their participation in charitable giving better prepares them for the complex decision process that lies before them. Advising on grantee selection, conducting site visits, and monitoring funds teaches analytical and interpersonal skills, which are crucial to their forthcoming executive roles.

Funding Your Rising Generation’s Social Ventures

For heirs demonstrating readiness to spearhead their own philanthropic and social impact projects, providing capital to turn passion into reality offers an unparalleled leadership opportunity. Allocating resources for your heirs to launch or fund ventures aligned with their vision empowers innovation while retaining accountability through governance structures.

Requirements such as quarterly reporting to your family foundation boards build financial and communication abilities vital for helming the family enterprise one day. Win or lose, venture investments give your heirs real-life experience in navigating risk and realizing a concept from ideation to activation—honing entrepreneurial skills that benefit enterprises holding the family’s wealth.

Tying Philanthropy Engagement to Leadership Preparation

With their legacy, reputation, and family wealth at stake, UHNW families must be deliberate in assessing and propelling heirs into governance roles across enterprises. Using philanthropy as a training ground permits “low stakes” evaluation of heirs against key performance indicators correlated with leadership readiness for you.

Those who meet milestones and continue to show interest may then move on to steward higher-value trusts or operational roles within core family enterprises. In this way, strategically linking philanthropy engagement to capability assessments charts a course for qualified and engaged heirs to methodically earn the privilege of upholding the family legacy. It also provides mechanisms for remedial education, if needed. With objective insights into leadership readiness, the outgoing generation can thoughtfully shape the trajectories of purpose-driven heirs.

Measuring integrity, judgment, accountability, and other character qualities in the context of community impact initiatives facilitates an objective analysis of the rising generation’s aptitude for stewarding wealth responsibly. Granting board appointments and oversight responsibilities based on demonstrated temperament and skills creates pathways for the next generation to rise to the occasion.

There may always be the risk of inadvertently endowing your heirs with a sense of entitlement rather than a sense of purpose and accountability. However, with your intention and a clear path to engaging the next generation through philanthropy, you have a greater likelihood of instilling a sense of purpose, dedication, and confidence in them.

Listen to our Legacy Builders Podcast

If you’re curious to learn how to leverage philanthropic impact as leadership preparation for rising generations, connect with Beacon Family Office. Here, we can help you navigate questions such as, “Are your family’s future leaders set up for the purpose of privilege?” and “What will become of your family’s wealth and influence once passed on to the next generation?” To dive into these and other questions, schedule an initial introductory call with us today.