Purpose, Vision, and Impact

Revisiting a chart from Monday to identify 3-4 priorities to focus on after the class.
Addressing unanswered questions and poignant challenges.
Gathering insights about the class and suggestions for improvements (abbreviations, revisions, changes, additions).
Addressing the issue of spouses in discussions about devolution of generations.

Business builders evolve into multigenerational business owners or active investors and financially focused families.
Multigenerational family companies may evolve into emerging enterprise families.
Complex enterprises require detailed manuals outlining critical milestones (e.g., 33 milestones).
Active investors starting family offices focused on investing evolve into family-focused offices considering various forms of capital:
- Human capital
- Financial capital
- Intellectual capital
- Spiritual capital
Young entrepreneurs, often in financial families, are the next generation of business builders.

Adding philanthropists with a commitment to giving back introduces the impact discussion.
Impact families use capital for significant contributions to society; six examples will be shared.

Wealth defined beyond financial terms, including wellness and aspirations for future generations.
Wealth as a story of creating options for future generations.
Wealth's double-edged nature:
- Security
- Opportunity to solve problems
- Power and status
- Resource for generosity
- Potential for control, guilt, feelings of inadequacy, and burden.
Wealth as a magnifier; it amplifies existing conditions.
Wealth combined with wise management is a powerful combination.
Responsibilities associated with wealth are manageable with initiative and education.

Importance of identifying and documenting guiding principles that have led to sustained success.
Creating videos for future generations (grandchildren/great-grandchildren) to communicate purpose and guiding principles.
Guiding principles provide direction for young people and clarify the intended purpose of opportunities provided to them.
Principles are not fixed and can change across generations/situations.

Hard work and perseverance at all costs can lead children to seek work-life balance.
Business ownership during COVID: A business owner refused layoffs during COVID, prioritizing employees' well-being over fiscal concerns.
Individual first-generation serial entrepreneurs often love creating new opportunities, while their children may prefer strategic partnerships or minority positions due to less experience or desire for direct ownership.
Members who cashed out a private equity initiative are proactively selling off investments to avoid burdening their children with complex management after they are gone.

First-generation owners need to consider:
- Purpose for the wealth
- Disclosure to children
- Impact on family relationships (avoiding constant conversations about money)
- Strategic vision for the future
- Investment and philanthropic goals
Using a discussion tool to chart these considerations with a spouse is beneficial.

Families make measurable impacts through:
- Developing human capital
- Using business capital
- Creating social impact with capital
Purpose statement example: A Latin American family's commitment to being stewards of a legacy and maintaining family unity.
Purpose statements should be living documents that are regularly reviewed and reinforced.
Using AI tools like ChatGPT to draft purpose statements can be a starting point, but it's important not to miss the process of having meaningful conversations about each statement to ensure they align with the family's values and history.

Using spectrums to sort out wealth goals:
- Abundance to scarcity: Reflecting on one's perspective on resources.
- Sustainability of the family vs. impact: Balancing family needs with broader contributions.
Placing action items at the intersection of these domains.
Example: A family with spectrums of community enrichment to changes in social policy and entrepreneurship to wealth preservation, creating a mechanism for creating a complete picture of what is important.

Pella Family: Made a $20,000,000$ commitment to the city of Pella, Iowa, to help it thrive and attract workers by investing in a new restaurant, fresh food market, community center, recreation center, and fresh garden.
.com Generation Family: A couple who cashed out at the right time bought a farm in Connecticut to teach their kids responsibility through raising animals. They chose to create independent wealth transfer structures for their children.
Spanish Real Estate Developer: Tackled homelessness in Madrid by creating Tubechno, an initiative to provide housing, training, and career planning support to homeless individuals.
Italian Principal: Brought children's hospice to Italy and documented its cost savings for the government. Created a platform (Global Treehouse) for measuring practices and sharing knowledge among hospices worldwide.
Canadian Entrepreneur: Funded a trip for adult G3s and their partners to study investment opportunities in China, fostering bonding and identifying future entrepreneurial ventures.

Three types of people:
- Make it happen people
- Watch it happen people
- Let it happen people

Using a nine-box chart to assess the current state, desired future state, and the steps to get there.
Reconvening to evaluate the progress of action plans.

Third-generation owners generated clear, concise, short-term goals.
They developed a roadmap forecasting capital growth to 2048.
They created action steps for capital allocation, investment performance, enterprise board effectiveness, and governance structure.
They handed off the family office to the next generation with clear goals and encouragement.

Involving the next generation in setting goals is crucial to ensure buy-in and avoid imposing plans on them.
A multigenerational business plan should be a collaborative effort, considering the perspectives and aspirations of each generation.
Concluding with a call to action for participants to identify their top priorities and action items.