“I hated all my toil in which I toil under the sun, seeing that I must leave it to the man who will come after me, and who knows whether he will be wise or a fool? Yet he will be master of all for which I toiled and used my wisdom under the sun.” – Solomon
How to handle wealth transfer, including that which is allocated to philanthropy, has been a question for millennia. Currently, approximately 70% of wealth transfers fail between the first and third generation. A succession strategy and its successful implementation is important in identifying and developing the next generation as it relates to your business and philanthropic endeavors.
Engaging the Next Generation addresses the inevitable changes that occur from one generation to the next. We help successors prepare to assume key leadership roles. CoxNichols assists families in often overlooked critical processes. With good planning and implementation, the end result for high net worth families can be a favorable outcome as it relates to succession and continued philanthropic goals.
CoxNichols’ clients are consistently asking questions such as: “How will wealth affect the lives of our children and grandchildren? Will our family’s values be transmitted to forthcoming generations as to the use of wealth? How will our children use wealth to impact their communities?
Succession:
“We can’t bind the future, but we can invite it.” – Dr. Paul Schervish
CoxNichols’ Process of Engaging the Next Generation
1.
Formative Foundational Elements
Identify those formative foundational elements that comprise family values and philanthropic joy factors.
2.
DISCOVER
Help you discover the underlying factors leading to successful wealth transfer and its effects on the next generation.
3.
PREPARE
Prepare your family in dealing with the transfer of wealth.
4.
EVALUATION
Provide various instructional and evaluative instruments that will assess your family’s succession readiness.
5.
PROACTIVE MAP
Provide you with a proactive map that enables you to work efficiently towards developing significance simultaneously for you, your family, and the next generation.
Start The Process Today
We want to support you in finding joy in the fulfillment of your altruistic goals.
Larry Cox has walked alongside our family for 12 years. He is more than a philanthropic consultant because he truly loves our family and cares about us being successful in Kingdom work.
He understands the passions of our family, and he gives sound counsel in helping us share our financial resources to introduce other people to Jesus. When he meets with our family he speaks truth into our lives and helps us think through succession planning and develop plans for the next generation. Our family recommends CoxNichols to any family who wants to find more joy in sharing their resources.