Prepare Your Heirs
Your legacy rests in the hands of your heirs, which can sometimes feel intimidating. In First Generation Wealth, Adrian Cronje, CEO and CIO, and Robert Balentine, Chairman, provide some advice for preparing your children to be responsible stewards of family wealth.
Lead with empathy.
Take time to understand the next generation by observing them, asking questions, and listening without judging. This understanding will foster trust, reveal new veins of conversation, and make it easier to discuss difficult topics such as finance and legacy.
Provide space to grow.
Expose your heirs to business without pressuring them to follow in your footsteps. You can do this by inviting them to key meetings without requiring them to be there; encouraging them to work outside the business for a few years; and opening conversations about their futures.
Prioritize financial education.
Give your family members hands-on opportunities to learn about day-to-day financial tools and concepts, like checking accounts and cash flow; encourage them to experience the value of work and earning their own money; and discuss family financial decisions with them.
Discover more advice on connecting with the next generation, and more, in Robert & Adrian’s series of Fireside Chats.