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| Building Your Family's 100 Year Plan: The Series |
100 Year Plan Part IV: Planning Our Own Obsolescence
Dwight Cass
03/01/2004
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Given that the wealth that supports our
philanthropic pursuits often derives from the family businesses, we must remain
mindful of the impact a change in control may have on our charitable endeavors.
Also, family business exigencies often drive our relationships with banks,
accounting firms and law firms. We must examine how proposed alterations to the
business will affect those associations. For example, if we have relied on the
family business accountants and lawyers for advice, will we need to find others
after selling the firm? How will changes to our family business affect our own
legal and accounting needs? Family creeds can also set the tone for the
corporate culture after its chief proponent, the founder, is gone. Since
corporate culture is often the key to a company’s success, spurring as it does
the staff’s efforts and entrepreneurship, this continuity can benefit all of the
firm’s stakeholders. Illustration by Lisa Franke
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