Family Enterprise Sustainability
Sustainability, a term easily applied to the environment, can also be equally applied to families who seek to sustain their family capital across generations. We guide families in their efforts to prioritize their needs and develop their ability to sustain their family and its assets over time.
We have created an online “Sustainability Index” that helps families define how they fit along the five major dimensions that comprise sustainability: Family Legacy and Connection; Governance Structure and Processes; Financial Accountability and Management; Human Capital and Leadership Development; and Generosity and Gratitude. As a result, they are better able to answer a central question: “Is my family enterprise prepared to bridge multiple generations in an enduring manner?”
This article that appeared in Trusts and Estates, March 2017 focuses on the 5 dimensions for family enterprise sustainability and resilience. Read the Article >>
This article by Fran Lotery explores what the present and future enterprising family needs: a modern day approach from their advisors that is less expert driven and more multi-disciplinary—advisors who can shift their mindset to execute team-based behavior that is both collaborative and cooperative. Read the Article >>
In the January 2012 edition of Family Business Magazine, Relative Solutions principal Fran Lotery details critical questions that emerge as family enterprises anticipate a future generational transition, including:
What does the next generation need to be prepared for?
How big is this challenge, and how will it be met?
What is the priority? Is it to develop the human capital of the family or future leaders, or a combination of both?
A third generation garment importer employed five cousins, all of whom earned modest but equal salaries. Substantial dividends were also paid to shareholders, which included non-working cousins. Read the Case Study >>
A number of years after their business was sold to a single sibling business leader, several cousins wanted to reconnect with cut-off branches. Read the Case Study>>