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Planning together is time well spent

Next generation planning with next generation strategies.

business partners looking over documents at meeting

Families come in all shapes and sizes, as do family enterprises, but they all have one thing in common: their future.

Oftentimes, families focus on the future of their business from a technical standpoint. From succession planning to valuations and proper tax strategies: All are essential in structuring and navigating the future of the enterprise.

What families typically skip over is arguably one of the more important components of planning, the emotional factors beyond textbooks and paperwork, the passing along of family values to the next generation – a family legacy.

Family enterprise planning with a focus on family

Planning the legacy of any family enterprise can be complicated and confusing. But it is something that must be done with intent. The following tips can help transform this time into a sincere and positive period in a family’s history.

  1. Get together: Have family members around the table for each conversation to ensure all ideas and wishes are heard. It helps keep everyone on the same page.
  2. Be honest: Now is the time to learn about the family history, philanthropic ideologies, goals and mission.
  3. Seek guidance: Independent professionals with a specialty in advising families and family enterprises can facilitate these conversations while providing experienced, objective direction.

Coming together to align strategies and learn valuable technical and soft skills will be a time all family members will appreciate, remember and utilize to prepare future generations.

business partners sitting at table

How Financial Literacy Program experts can help

Richter – a boutique business advisory and family office services firm located in Montreal and Toronto – has been guiding generations of enterprise families for over 94 years. Richter professionals not only help facilitate family enterprises with succession planning but also engage members in a thoughtful session-based program that is tailor-made for each family and adjusted to the knowledge level of each participant.

“Through our Financial Literacy Program, we use tried, tested and true methods to inspire confidence in family members and engage them to help create their family’s narrative,” says Richter Partner Justine Delisle. After all, it’s natural to want to avoid sensitive subject matter when preparing the next generation or other family members for the family enterprise and their collective future. With an interactive and robust program, these topics are handled with care and consideration – with a positive end result.

From making program participants comfortable with key legal or tax concepts, and introducing topics like cash flow and family governance, to working as a family on visualization techniques and at-home group activities, Richter’s Financial Literacy Program helps define the future unlike any other family-enterprise-planning program.

Richter is one of Canada’s largest independent advisory firms and has helped some of Canada’s most successful business families navigate their today and their tomorrow. Discover how the Richter approach could be just what your family’s future has been seeking. Contact Richter today.