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The Family Office

by Mike Boyd

 

Emily Griffiths-Hamilton - Building Your Family Bank to Owning an NBA & NHL Team [The Business of Family Podcast]

www.businessoffamily.net

Emily brings three generations of experience to the subject of wealth and family-business transition planning. From owning NBA & NHL franchises to building her own Family Bank, this is a fascinating conversation which I'm sure you'll enjoy.

Key Takeaways:

  • The process of creating the family wealth was infused into the family DNA added in each generation.
  • The issue in a legacy lifestyle is enjoying a lifestyle that someone else is earning the funds to afford you, the cautionary note is to watch for the creep of entitlement issues.
  • As long as your human and intellectual components are still strong, the Family bank will keep standing.
  • Reasons why 70% of families at each generation fail at wealth transition include a breakdown of communication and trust (60%), unprepared heirs (25%), lack of shared vision (12%), and failure of professionals (3%).

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