Fredda Herz Brown - The Family Wealth Sustainability Toolkit: The Manual

www.wileyglobalfinance.com

ADDITIONAL PRAISE FOR
THE FAMILY WEALTH SUSTAINABILITY TOOLKIT

Fredda Herz Brown and Fran Lotery, who together have multiple decades of experience in providing excellent counsel to enterprising families, now bring us a new tool of assessment that can help a family to evaluate its potential for sustainability over generations. After you have read their book and used the assessment tool, I am sure your family will increase its knowledge of itself, and thereby your family's capacity to achieve its fifth generation in flourishing condition and go on from there.

James E. Hughes, Jr., author of Family Wealth, Keeping it in the Family and Family: The Compact Among Generations

This is an invaluable manual and tool for families that want to be deliberate about understanding, and then acting on, the opportunities and challenges of sustaining their legacies. The authors' reflections are honest and grounded in experience. Most importantly, the toolkit provides insights which empower its users to move forward.

Christine K. Galloway, president and CEO, Okabena Company

The Family Wealth Sustainability Toolkit provides an eminently practical framework for families to understand how to sustain themselves across generations. Fredda and Fran offer an opportunity for families to see that it's about more than just money!

Andrew Keyt, president, Family Business Network, North America; executive director, Family Business Center, Quilan School of Business, Loyola University Chicago

The secret among most of America's successful families is that few have planned for sustainable wealth and lasting family relationships. This toolkit is the gold standard for anyone planning for their family's future. The families I advise can't afford not to read it and use it.

Eric Kessler, founder and managing director, Arabella Advisors

Herz Brown and Lotery have created a hands-on, practical book and tool for families who share assets to help them meet the hurdles that thwart most multi-generational families in their efforts to pursue their definition of longevity and success. The Toolkit will enhance a family's awareness of their family function, assist them in identifying opportunities, and aid them as they build a strategy for sustainability for generations to come. The manual not only provides a guide for families to understand sustainability, but also a way to make sense of the data they generate.

Kirby Rosplock, PhD, fourth-generation family business owner and director, research and development, GenSpring Family Offices

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Copyright 2012 by Fredda Herz Brown and Fran Lotery. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Brown, Fredda Herz.
The family wealth sustainability toolkit / Fredda Herz Brown and Fran Lotery.
p. cm. (Wiley finance series)
Includes index.
ISBN 978-1-118-34586-3 (cloth/website); ISBN 978-1-118-42019-5 (ebk);
ISBN 978-1-118-43190-0 (ebk); ISBN 978-1-118-41698-3 (ebk)
1. Estate planning. 2. FamiliesEconomic aspects. 3. Inheritance and succession.
4. Finance, Personal. 5. WealthManagement. I. Lotery, Fran. II. Title.
HG179.B74639 2012
332.024016dc23
2012022696

Foreword

Twenty years ago, I founded a membership group focused on wealth management, but family issues are often what everyone wants to address first. Why? Because investing and wealth management for any family or individual is mired in, dependent on, and inextricably entwined with family dynamics! Over the years, hundreds of individuals have shared family secrets with me or confided in me about family conflicts.

Here's what I hear (more than once!):

Why do our family holidays together have to be spent listening to boring presentations by our financial advisers?!

My sisters are totally uninterested in helping me oversee our family's substantial assets, and I feel isolated, set up to be the scapegoat if things go wrong.

Dad is convinced of his skill at managing our family's wealth by himself, and every day he seems more and more obstinate, if not irrational.

My family is far more responsible than my brother's, and I now can see that our equal share of the assets will end in disaster and conflict.