Wealth of Wisdom

TOM McCULLOUGH is Chairman and CEO of the Northwood Family Office, a multifamily office that serves the comprehensive needs of families of wealth. He has more than three decades of experience in the field of family wealth management and is an Adjunct Professor and Executive-in-Residence at the University of Toronto’s Rotman School of Management. He is the co-author of two other books — Family Wealth Management: Seven Imperatives for Successful Investing, and Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask. KEITH WHITAKER, PhD, is president of Wise Counsel Research, a leading consultancy to families with wealth on governance, communication, and the development of rising generation leaders. He has been published in The Wall Street Journal, The New York Times, The Financial Times, and has co-authored six other books for Wiley, including Cycle of the Gift, Voice of the Rising Generation, and Complete Family Wealth.

• Foreword xiiiJames E. Hughes, Jr.Acknowledgments xvIntroduction xviiAssessing Your Family’s True Needs xxiSection 1 Thinking Through What Matters Most 1Chapter 1 Four Profound Questions for Families 3Ellen Miley PerryChapter 2 Identifying Actionable Values for Family and Enterprise 7Doug Baumoel and Blair TrippeChapter 3 Values That Matter 13Sharna Goldseker and Danielle Oristian YorkChapter 4 A Framework for Family Wealth and Well-Being 19Richard Franklin and Claudia TordiniChapter 5 Understanding Identity and Social Power 27Kofi Hope and Zahra EbrahimChapter 6 Tapping Character Strengths to Move Families Forward 33Kristin KeffelerChapter 7 Using the Ikigai Model to Foster a Legacy of Meaningful Engagement 39Don Opatrny and Keith MichaelsonChapter 8 Stages of Wealth Integration 45Courtney PullenChapter 9 Learning from Your Money History and Writing a New Story 51Jill ShipleyChapter 10 Envisioning the Future 59Jamie Traeger-MuneySection 2 Becoming a Learning Family 67Chapter 11 Benchmarking Your Family Against Successful Global Families 69Dennis JaffeChapter 12 Understanding the True Goals of Wealth Preparation 75James GrubmanChapter 13 Advancing Flourishing: A 10x10 Learning Roadmap 81Stacy Allred, Joan DiFuria, and Stephen GoldbartChapter 14 Finding What’s Next for Your Family 97Barton ParrottChapter 15 Creating Impactful Learning Programs for Families 103Greg Burrows and Ruth SteverlynckChapter 16 Developing a Family Wealth Education Plan 111Kirby RosplockChapter 17 Practical Tools for Building Healthy Families 119Christian StewartSection 3 Planning Thoughtfully 127Chapter 18 Expressing Purpose in Your Trusts 129John A. WarnickChapter 19 Managing a Shared Family Property 137Jamie ForbesChapter 20 Creating a Family Bank 143James E. Hughes, Jr.Chapter 21 Undertaking a Family Risk Assessment 147Linda BournChapter 22 Is Your Infrastructure Resilient? 155Natasha PearlChapter 23 Creating a Family Owner’s Manual 161Josh KanterChapter 24 Family Behavioral Health Wellness Assessment 167Arden O’ConnorChapter 25 Building a Smart Aging Plan 173Susan HyattChapter 26 Managing the Risk of Diminished Capacity 179Patricia AnninoChapter 27 Creating an Ethical Will 189Scotty McLennanSection 4 Investing Wisely 197Chapter 28 Monitoring Financial Capital with the “Four Horsemen” Graph 199Scott PeppetChapter 29 Keeping Goals in the Spotlight with Capital Sufficiency Analysis 203Joe CalabreseChapter 30 Constructing an Investment Portfolio to Support Family Goals 209Jean Brunel and Voyt KrzychylkiewiczChapter 31 Investment Education for Family Members 219Jim GarlandSection 5 Seeking Sound Advice 225Chapter 32 Assessing Your Family’s Financial and Family Management Needs 227Scott Hayman and Tom McCulloughChapter 33 Finding an Advisor Who Will Help Your Family Thrive for Generations 235Kathy Lintz and Ned RollhausChapter 34 Choosing Trustees with Care and Wisdom 241Kim KaminChapter 35 Assessing Your Readiness for a (Family Enterprise) Leadership Coach 251Greg McCannChapter 36 Understanding Advisors’ Fees 255Mark PlettsSection 6 Raising the Rising Generation 261Chapter 37 Balancing Entitlement and Responsibility in Children’s Birthdays 263Joline GodfreyChapter 38 A Ritual to Send Children off to College 269Andrew DoustChapter 39 Developmental Life Lessons for Grandchildren 277William (Bo) and Suzanne HuhnChapter 40 Deciding If You Should Join the Family Business 281Josh Baron and Rob LachenauerChapter 41 How Can You Ensure the Success of Your Successors? 287Dean FowlerChapter 42 The Intergenerational Dialogue 295Susan MassenzioSection 7 Navigating Family Dynamics 299Chapter 43 A Three-Step Process for Enhanced Communication 301Keith WhitakerChapter 44 Strengthening Your “Family Factor” to Deconstruct Conflict 305Blair Trippe and Doug BaumoelChapter 45 Using Genograms to Understand Family Patterns 311Guillermo SalazarChapter 46 Achieving New Insights and Possibilities through Generative Dialogue 317Michelle OsryChapter 47 How Powerful Are Your Questions? 323Ian McDermottChapter 48 Expectations versus Agreements 329Mimi Ramsey and Stephanie HardwickChapter 49 Enhancing Sibling Relationships 335Christian StewartChapter 50 Gamechanging 343Matt WesleySection 8 Making Shared Decisions 349Chapter 51 Hats Off to You! 351Lee HausnerChapter 52 How to Balance Family Stability with Resilience over Generations 355James GrubmanChapter 53 Making Better Decisions by Telling Stories That Have “Already Happened” 359Stacy AllredChapter 54 Democratizing Family Decision-Making 365Barbara HauserChapter 55 Using RACI to Determine Roles and Responsibilities in a Complex Multigenerational Family Enterprise 369Kathryn McCarthyChapter 56 Creating Internal Controls and Policy and Procedures for a Family Office 377Eugene LipitzChapter 57 Leading Successful Family Meetings 381Katherine Grady and Wendy UlaszekChapter 58 Establishing Ground Rules for Family Meetings 387Keith WhitakerSection 9 Giving Together 391Chapter 59 Finding a Philanthropic Focus and Integrating the Rising Generation Perspective 393Etienne Eichenberger, Małgorzata Smulowitz, and Peter VogelChapter 60 Facilitating Grandchild-Grandparent Philanthropy 401James E. Hughes, Jr.Chapter 61 Helping Families Move Up the Philanthropic Curve 405Leslie PineChapter 62 A Roadmap to Successful Philanthropy 411Susan WinerConclusion 415Bios 417Index 419