How do I educate and engage my (grand)children in the business?
I have worked hard to build my business and wealth. How can I ensure the continuity of my legacy through the next generations? How do I make sure that my values are properly passed down to them? I want to feel confident in my children and grandchildren’s financial skills and ensure they are up for the responsibility of not only continuing our legacy, but securing their own futures and accomplishing goals of their own.
How we can help
Many business owners and families of significant means work hard to prepare their businesses for their next generation. Often overlooked is a crucial aspect of that process: preparing the next generation for the business. Ensuring that your children and grandchildren are engaged and ready with technical and financial skills to build a heritage that will endure is crucial.
The importance of passing down values as well as technical knowledge to one’s children raises a number of questions:
- How do I ensure that my legacy will continue?
- How do I pass down not only my wealth but, more importantly, my values to the next generation?
- How can I encourage my children to make their own wealth?
- How can I interest them in investments and key tax concepts?
Leaving a business to the next generation without adequately preparing them to take on the responsibilities tied to the legacy can be the source of great stress and can mean the loss of a lifetime of hard work. The best way to ensure a seamless transition of your wealth and business into the next generation is to educate and engage your family as early as possible.
The quantity of knowledge to pass-down can seem daunting at first. That’s why we’re here to help. We understand that each individual is unique. The Financial Literacy Program is curated to enable participants to learn at their own pace and in their own setting. The online format provides a flexible and tailored learning experience with easy access to our finest resources, experts, and bespoke modules.
These educational modules bring awareness to the opportunities, issues and challenges of managing a family enterprise. Through each, we commit to addressing what matters to you and your family; effectively providing your family members with the information needed to inspire them to join the family enterprise.
The program aligns with your family’s reality and schedule and is adapted to the knowledge level of the participants. At the end of the program, members of the family are invited to create their own dashboards and financial overview reports.
Each family is unique. As is our Financial Literacy Program.
Ten modules walk participants through strategic areas including:
- Kick off meeting – to assess your needs and objectives
- Key Financial Concepts and Budget
- Wealth Management
- Key Legal Concepts
- Key Tax Concepts
- Life insurance and Risk Management
- Technology and Cybersecurity
- Governance and family legacy
- Cashflow and business valuation
We believe that the best approach to learning is one that provides in-depth knowledge tailored to your needs. Our Richter partners are guest speakers in this program. They are experts in their field, each with years of advisory experience in unique areas. Our Financial Literacy Program is designed so family members can learn from their expertise in a strict non-solicitation environment.
Let our dedicated team of professionals put their passion and experience to work for you and your family. Our Richter team is here to provide the finest resources and a comprehensive learning experience to prepare your next generation for the business, so you can focus on preparing your business for the next generation without worry.
- Financial Literacy Program
- Family mission statements
- The evolving family office landscape
- It’s inevitable, so why are you holding your children back?
Meet our expertsThe people behind the expertise.
Sudharshan SathiyamoorthyPh.D., MBA
Greg MooreCFA, FEA
Danny RitterCPA, CA, CFA
Justine DelisleCPA, CA, Pl. Fin.
Mindy MaymanB.A., Econ., Fin. PI., FMA, CIM
Let’s get you where you need to go