The Family Dynamics
Family enterprises are complex systems, whether they operate in the context of an operating family business or as stakeholders in a large passive investment corporation. It’s in this environment that the intersection between financial wealth and family intersect, and conflict can arise. Having worked with generations of business families through their own unique transitions, we recognize the need to have proper continuity planning in place to ensure that all stakeholders can have a voice in the stewardship of a family legacy. Governance is key component that allows for open communication among family members and forms the basis of trust and respect.
For most families, a successful legacy is simply ensuring that each member is supported in their quest to succeed. Helping lay the foundation for future family members to be their own wealth creators – be that financial, intellectual, or social wealth – provides members with a purpose and builds self-esteem. It also helps encourage harmony within the family unit. Working to develop a governance system that addresses the root causes of entitlement and self-righteousness means setting the stage for wealth accumulation across generations and seeks to break the curse of “Shirtsleeves to shirtsleeves in three generations”.
Financial education is the key to being able to make sound investment decisions and provides the foundation upon which families can ensure a lasting legacy. Richter Family Office spends a tremendous amount of time educating its clients and their children to ensure that they are empowered to understand the complexities of their wealth and have the capacity to make well-informed decisions in their own right. As part of its commitment in this area, Richter and Richter Family Office have created bespoke seminars for our families to provide them with a deeper understanding into the areas of:
- Investment management and financial markets
- Financial Planning and cash management
- Financial statement analysis
- Tax planning and structuring
- Basic legal concepts and frameworks
- Family Governance and Values
Successful multi-generational wealth transfer is not simply about the tax efficient transition of wealth, but also the transition of knowledge and family values.
Meet our expertsThe people behind the expertise.
Mindy MaymanB.A., Econ., Fin. PI., FMA, CIM
Sudharshan SathiyamoorthyPh.D., MBA
Justine DelisleCPA, CA, Pl. Fin.
Danny RitterCPA, CA, CFA
Greg MooreCFA, FEA
Richter Family Office
We understand that the transfer of your wealth to future generations is about far more than just the dollars and cents. It’s about the transition of your legacy.
Food for thoughtWhat’s in the news & what you need to know.
Preventing Conflict to Preserve and Grow Wealth.
Every family – no matter their circumstance – experiences their share of turmoil. While family conflicts rarely reach crisis levels, certain challenges, such as parents deciding when children are ready to be responsible stewards of family wealth, or when they are prepared to enter into the family enterprise, are more common than you think. And […]Click to read more.
Family forums: Building better family relationships through better communication and decision-making.
Sometimes, a family needs someone to help navigate a situation that would otherwise be too fraught with emotion to untangle. They need a trusted advisor and a safe space where in they can share their concerns or conflicts amongst family members. You could call this conflict resolution, but sometimes people don’t perceive they’re in an […]Click to read more.
Succession planning and the Next Generation: How can millennials prepare for the family business?.
The family business is a source of pride. It’s a legacy; it’s an asset; it’s a lot at stake. And now it’s time for the Next Generation to start assuming a leadership role. Overwhelming? Yes. So how does one prepare for the responsibility? Children/grandchildren (or ‘the Next Gen’) may perceive a need to follow in […]Click to read more.