Remarkable Journeys with Jess Fox: Conversations with our clients, people and community. Listen now.
Communication becomes more challenging as the team grows, decision‑making can take longer, and the risk of disagreement and issues increase. The question many families ask is: how do we prepare the next generation to work together effectively? Family businesses need to create forums where family members can build trust, develop shared skills and learn how to communicate across personalities, ages and life stages.
From our experience advising multi‑generational families, the following three approaches have proven particularly effective.
Many families introduce a structured project for the next generation to work on collectively. This might involve exploring a new business opportunity, reviewing a component of the family enterprise, or researching a topic of strategic importance. Projects build practical skills, encourage collaboration and help younger family members understand how decisions are made.
Some families allocate a small pool of capital for the next generation to invest. This hands‑on learning encourages financial literacy and provides real‑world exposure to concepts such as risk appetite, passive income, capital gains and market behaviour. It also creates opportunities for discussion, debate and shared learning.
Philanthropy offers a powerful, values‑based way to unite younger family members. Whether through a Private Ancillary Fund or a structured giving strategy, involving the next generation in charitable decision‑making helps them understand the family’s purpose, develop stewardship and work together on something meaningful.
Every family is unique. If you’re considering establishing next generation meetings or want to create a tailored development pathway for your family, we can help. Our approach ensures every voice is heard, every personality is understood, and every session adds value.
Before establishing a next generation program or meeting rhythm, we meet individually with each family member. These conversations ensure every individual feels comfortable contributing, help elevate quieter voices alongside more vocal personalities, and create a strong foundation for designing a program that reflects the family’s collective goals.
If you would like to explore how a next generation program could look for your family, please reach out to one of our experts today.
New “EET election” option for discretionary trusts to avoid the minimum 30 per cent without having to restructure, but creates inflexibility.
For many successful families, creating wealth is only the beginning. As your businesses, investments and family interests grow, arrangements that once worked well can become difficult to manage.
The announced 30 per cent minimum tax on discretionary trusts creates significant challenges for private groups.
