Alright, real talk, building wealth and legacy within the family is not just about passing down wealth; it's about setting things up so your family thrives for generations.
In this blog, we're diving into 3 key ways to do it:
Business… Ownership… and Family..
Okay, so in your family business, it's important to have roles, right?
Just like in a company, you gotta have a CEO, a CMO, a COO, and so on. Plus, you need to bring in some non-family folks to handle the day-to-day grind. That way, everyone knows who's doing what, and things run smoothly.
In our family business, Dr. Tamarra is the CEO, who makes major corporate decisions, managing overall operations, and setting the company's strategic direction. Alexander is the CMO primary responsibility is to generate revenue by increasing sales through successful marketing, content creation and market research. Our step dad, Dwayne who oversees and handles technological operations and who is very big on AI and me, Markus Turner the COO who oversees the day-to-day administrative, executions and operational functions of our Family business.
These titles not only define responsibilities but also create a sense of professionalism and accountability within the family business.
Ownership: if you are entering to any kind of business, you will look for contract right?
You have to have a contract and an agreement in place. There should be a partnership agreement in place that breaks down shareholdings, which means “who has x amount of shares?" This keeps things clear and avoids any drama down the road.
Family, have you ever heard of the legislative branch, the judicial branch, and the executive branch?
We are creating these structures within your family's governance.
When it comes to the legislative branch within your family, it is your family assembly. Within that family assembly, you have a weekly meeting (once a week), we also have retreats (meetings with family talking about core values, mission, values, etc.), and we also have family reunions.. STRICTLY on vacation (last time we spent it in Dubai).. definitely will come back.. how I miss Dubai..
When it comes to the executive branch, it is your family council; these are the people who are 100% going to be representing the family. Anytime you talk to other family businesses or partners with your family, they have to go with the executive branch first.
Judicial branch, you want to make sure that you have elders, which can be advisor councils or councils of elders (whichever you call them). These are the people who embody your mission, vision, and values. What they do is highlight you; they're the ones who will tell your story.
These are the key things that you and your business family need.
But hold up..
Before you dive into all this governance stuff, in order to have these things in place, you MUST have your vision, mission, and core values before you even execute them.
Let every family member write 3-5 core values and come together and agree with these things.
After this math, I know for sure you will ask:
… who will be in charge of taxes?
… who will keep your money in order?
and who will look for our business insurance?
This is how we can structure the Family Office; these are the people on the in-house team who will take care of your business.