Family Events: Creating a Collective Memory
Family legacies are punctuated by events that stand out in the collective memory of the family. Some of these memorable events come as a crisis. Others are planned to accomplish specific purposes.
Family constitution
A fifth-generation cattle ranch wanted to have a retreat for the extended family where they would draft a Family Constitution that would clarify the rights and responsibilities of the beneficiaries of the family trust and govern the relationship between the ranch and the family into future generations.
Family assets
Six siblings decided that for the future of the family and its assets, they wanted to recommit to their parents’ vision while also updating it to ensure relevance within their own lives and the current environment. The meeting was designed to help all participants share their personal dreams and to determine how to achieve their shared vision while supporting each member in achieving his/her own goals.
Estate planning
A 60-year old business founder and his wife decided they didn’t want their estate plan to be something that was done in secret to their adult children. They wanted to engage their children in a conversation about what their wealth meant to them and what their charitable goals were. They were concerned that one of their children might be holding a grudge against his father that would prevent his full participation in defining the collective charitable goals of the family. A three-day family retreat was conducted to help the family to clear the air and create a long-term plan for the family’s wealth.
Next generation
Five years ago, four siblings suddenly became business partners because their father died very unexpectedly. Their total lack of preparation for this new relationship with one another almost tore the family apart and nearly wrecked the business. With lots of help, they grew into their new roles and have been very successful in business and as a family. In order to prevent something similar from happening to their kids, they wanted to start grooming their children and nieces and nephews (aged 17-25) to eventually be co-owners of their family’s business. To accomplish this, they decided that they would provide annual outings for the kids that would be a combination of adventure and learning about being in business. A 6-day white water rafting trip was arranged. It was called “The Leaders Teacher” because the river guides would take time to talk about the daily lessons they had learned about leadership on and in the river.
