Family Governance: A Heart, Mind + Soul Affair.

What is family governance? Why is it important? And, how do you do it?

Let’s face it, the words “family” and “governance” sound strange together— somehow mismatched or an oxymoron. Families are not countries that need to govern themselves, right? I mean, who decided to combine these words anyway? Who decided governance and constitutions are words that should precede the word family?

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Your Legacy Statement: A Purposeful Legacy.

Legacy statements come in all shapes and styles. There is, however, a common thread behind legacy statements that are purposeful and intentional in nature.

When created with intentionality and purpose, the legacy statement reflects the vision, hopes and dreams, and values of the person(s) creating the legacy. A purposeful legacy statement provides an overarching description of your intentions that are separate and apart from the traditional wills, trusts, and family investment entities that transfer financial capital. Purposeful legacy statements focus on the growth and flourishing of the human and spiritual dimensions of wealth.

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Perspective on Impact Investing by Molly Stranahan

I grew up with an investment portfolio, thanks to my great­-grandfather (and his brother) who founded Champion Spark Plug Company, and the generosity of subsequent generations who shared the wealth with my generation. In the 1980s my Aunt Dinny noticed that our family foundation, The Needmor Fund, held stock in Kerr­McGee at the same time we were supporting the organization Karen Silkwood was part of that wanted employees and local residents to have a right to information about potentially toxic chemicals being used in their communities. All of this resulted in The Needmor Fund adopting socially responsible investment screens back in the early 1980s.

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Why Did They Get So Much More Than Me?

A SHORT STORY: Two brothers (Hamilton and Edward) started a business, which became quite successful. Eventually, the brothers decided to sell sold the business at a tremendous profit. Because the brothers had very different plans for disbursing the funds, Edward asked Hamilton if they could arrange for their conversations to happen at the same time (different locations) with their respective families. Unfortunately, this did not happen.

THIS IS ALL YOU’RE GIVING US?: When Edward gathered his children together for their inheritance conversation, he disbursed a small portion of the funds to each of them. His children were shocked, disappointed, and angry. “How could you?” they asked. “That’s not fair, our cousins are rich. Aren’t we as worthy as they are? You’ve put us on unequal, uncomfortable footing with our cousins! What have we done wrong that you don’t want us to benefit like our cousins?”

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Inspirational Gift or Straight Money Transfer : What is Your Intention?

Gift? Transfer? What are you talking about? In Jay Hughes’ recent book The Cycle of the Gift, he defines a gift as “one that combines the giver’s intentions with the gift’s own qualities … a gift with spirit causes both the giver and the recipient to grow and feel free … A gift without spirit is simply a transfer … a figure from my accounting column to yours … Now that You have Your Inheritance, it’s Time to Step Up. Step up where? To what? When and how were the hopes and expectations made clear? How to Begin? Believe it or not…the work actually starts with YOU!

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Personal Stories: Accepting the Gift As­-Is

A Conversation with Molly Stranahan: Based on an Interview with Pamela Gerloff.

My grandfather and father set up trusts for my generation when we were small, as an estate and income tax avoidance device. When I received my first trust at age 18, my immediate reaction was to find out how much money, in total, would be coming to me. I wanted to know how much I could spend without running out of it before I died. That’s when I learned there were other trusts, which I would receive at ages 21, 30, 35, and 40. Knowing this, I financed my college education and gave myself a yearly “allowance.”

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How Do I Talk to My Heirs about Their Inheritance?

Are they Ready for the Great Wealth Transfer? Over the next 30­–40 years in North America alone, an additional $30 trillion in assets will pass from Boomers to their heirs. Between 2031 and 2045, when the transfer reaches its peak, 10% of total wealth in the US will be changing hands every five years. Are you and your heirs ready to receive this? Will this inheritance truly be an inspirational gift, or simply a transfer of wealth? Gift? Transfer? What are you talking about? Imagine that something that felt like a meteor landed on your house….Now imagine that the meteor is composed of money…lots of money.

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Nice People Don’t Talk About Money

The Aspen Times, 2012 March 12

Nice people don’t talk about money. Really? What else are we not supposed to talk about? What else is taboo? On March 20th, three brave…and very nice…women will be opening up their hearts and sharing their stories and journeys through wealth. They’ll also talk about how philanthropy helped to define them…and transformed the world, as well as themselves.

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Gender and Corporate Social Responsibility: A Matter of Sustainability

Companies with the highest representation of women leaders financially outperform, on average, companies with the lowest. In fact, companies that maintained board gender diversity in at least four out of five years significantly outperformed those with zero women directors. Even as a commitment to gender-inclusive leadership, particularly when sustained over time, is associated with higher returns on the short-term balance sheet, the benefits of gender-inclusive leadership extend beyond financials. New data from Catalyst and Harvard Business School suggest that gender-inclusive leadership and corporate social responsibility are linked. Companies and society win when business leaders are made up of women and men.

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What Women Want: Understanding the Needs and Objectives of Women’s Philanthropy

Women tend to focus on specific sectors and want greater accountability for their gifts. On the whole, women want to create new solutions, seek more contact and control, and want to be kept informed of the results from their giving. Many also seek social networks within the organizations that interest them.

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Philanthropist George Stranahan

The Aspen Times Weekly, 2011 December 29

George Stranahan has made a career of empowering people. He’s made a career out of a lot of other things, too. However, the core, underlying rhythm for George has been about empowering the underdog – questioning authority – encouraging people, especially himself, to explore outside the box.

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How Two Local Corporations Look at Philanthropy

The Aspen Times Weekly, 2011 December 22

Reese Henry & Company and Aspen Skiing Company are two organizations that have expanded their portfolio to include grant making that is active, strategic, and sometimes catalytic in nature.

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Aspen’s Unsung Heroes

The Aspen Times Weekly, 2011 December 15

Philanthropy in its purest form is about giving from the heart. The term “philanthropist” is often reserved for those who donate at the five or seven figure level. In reality, philanthropists – those who volunteer their time and give at a financial level that honors their capacity – come from all walks of life. One of the more endearing qualities of Aspen is how neighbors…our extended family…run (not walk) to support someone in need.

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The Meaning of Wealth

Over the years I have learned the importance of provocative and insightful questions that take one on a journey – questions that open one’s heart and mind to what is real. What does your wealth—your human, intellectual and financial capital—mean to you and your family?

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