achievement, individual, 31, 89
advertising, 56–58, 78–79
advisors
building Family Bank and, 121
estate-planning, 79
failure of, 18–19
financial, 74–77, 93
scare tactics, 81, 84
selecting, 123–134
succession plan failure, 18–19
trusts, 88–91
affluence, 59
Allarcom Pay Television Limited, 7
allowance, monetary, 28
apartheid, 17
“A Reflection on Modern Psychology and the
Question of Family Relationships” (Hughes), 67–68
Aronoff, Craig E., 106
aspirations. see dreams, personal
assessment, of family, 63
assets. see also under financial assets; human assets; intellectual assets
costs of maintaining, 16
development, 42
involuntary loss of, 135
loss of control of, 8–11
reformatting, 22
transitioned, 11
autocracy, 104
Baldwin, James, 34
Ballard, William (maternal grandfather), 1–2
Bancroft family, 71–72
banking system, 54–57, 92
“big banks,” 89, 93–94
bankruptcy, 16
beneficiaries
communication, 43
control of, 87
heirs, unprepared, 94
mentorship, 88
trusts protecting, 86–87
Berlin Wall, 17
“big banks,” 89, 93–94
broadcasting industry, 7, 22
brochures, estate-planning, 6
Canada Revenue Agency (CRA), 80
Canadian Association of Broadcasters Hall of Fame, 8
Canadian Business Hall of Fame, 8
Canadian Satellite Communications (Cancom), 7
capital. see financial capital; human capital; intellectual capital
capital gains, 79, 82
Cellular Vision, 7
Cervantes, Miguel de, 1
character traits, 35
charge-out rates, 24
charitable organizations, 99–101
charity, 98–99
CKNW radio station, 2
communication
about money, 38–39
advisors and, 129
beneficiaries, 43
breakdown, 12–14, 43, 94, 136
character traits, 52
listening, active, 48
open, 27
sibling cooperation, 107–108
values, shared, 33
vision statement and, 40–41, 49
communications companies, 22
computer programs, 75–76
confidence, 22, 48
confidentiality, 87, 127, 131–132
conflict
advisors and, 125
fairness and, 28–29
family feuding, 11, 90
shared vision and, 17–18, 40, 48–49
control
assets, loss of, 8–11
beneficiaries, 87
family members, 44
ownership vs., 37, 61
parental, 27, 42
sharing, 22–23
structures, 27, 61
trusts, 88–91, 116
“cookie-jar kids,” 46, 58–60
corporate structures, 43, 47
cottage, family, 79–85
council of elders, 105
cousin consortium, 109–110
credit, use of, 16
credit cards, 56–58
culture, values and, 47
data mining, 123–124
debt, personal, 46, 53–54
Decisions (Treliving), 121
democracy, 44
dependency, 28
designations, professional, 127–128
determination, 22, 35
dictatorship, 104
dignity, 24
disagreements, 14
discussions, family, 14, 47, 74, 96–98, 115, 125
dog food, 1–2, 22
Don Quixote (de Cervantes), 1
Dow Jones & Co., 72
dreams, personal, 25, 67–68, 71, 136–137
earning a voice. see voice, earning a
education, money, 65–66
education, post-secondary, 18
education, pursuit of, 51–52
education loans, 115
Einstein, Albert, 19
elders, role of, 111–112
emotional well-being, 24, 36
employees, 34
enhancement loans, 115–116
entitlement, sense of, 28, 46, 59, 89–90
entrepreneurship, 5, 71
equality, 18, 28–29, 61
estate planning, 15, 79, 87
The Executive Committee International (TEC), 10–11
expenditures, 11, 35, 59, 90, 95, 126
expertise, 52, 126
failure rates, succession and wealth-transition plan
advisors, 130
Allarcom Pay Television Limited, 7
Canadian Satellite Communications (Cancom), 7
communication and, 41
current, 4, 8–10
failure reasons, succession and wealth-transition plan
communication, breakdown, 12–14
heirs, unprepared, 14–16
mission, lack of, 16–18
professionals, 18–19
trust, breakdown of, 12–14
fairness, 18, 28–29, 48, 61
family
assessment of, 50–51
board, governance and a, 105
communication and trust, breakdown of, 12–14
defined, 29–30
feuding, 11
foundations, 102
meetings, 119–120
unity, 31
Family Bank approach, 21 fig.
core concepts, 3–4, 20
vision of itself, 17
Family Business Governance (Aronoff and Ward), 106
Family Channel, 7
Family Wealth: Keeping It in the Family (Hughes), 3, 20, 23
fees, advisor, 132
finances, discussions of, 15–16
financial
acuity, 83–84
advice, 53
assets, 22, 65–77
conversations, 26–27
happiness, 60
independence, 28
industry, 123–124
information, 58
learning, 53
lessons, 16
loans, 114–115
financial capital
defined, 23
objectives and risk, 83
purpose of, 25–26
vision statement and, 41
Financial Post Magazine, 3
first-generation family members
family, defined, 29–30
governance, 107
parental control, 27–28
risks, business, 35
role of, 23
as trail blazers, 22
transition of, 8–9
as wealth creators, 94
focus, single-minded, 35
foundations, 105
Galbraith, John Kenneth, 31
Germany, 17
GM Place (Rogers Arena), 73–74
governance, 104–112
government, stewardship and, 46
government, tax laws, 91–92
government debt, 54
grandparents, role of, 111–112
Griffiths, Arthur, 68, 70–71, 73–74
Griffiths, Frank A.
Canadian Satellite Communications (Cancom), 7
career, 2, 7, 80
philanthropy, 96
Vancouver Canucks, 8
Western International Communications (WIC), 7
guaranteed investment certificates (GICs), 93
happiness, 60
healthcare, 45, 46
“heirloom,” 35
heirs, unprepared, 14–16, 94, 136
Hill, Crawford, 72
Hockey Hall of Fame, 8
Home Theatre, 7
honesty, 12
Hughes, James E. Jr., 3, 20, 23, 67–68, 87
Hugo, Victor, 136
human assets, 3, 21, 36, 50–64
human capital
education loans, 115
family wealth and, 23, 24–25, 98
inheritances, 35
preservation of financial capital and, 26
Rothschild family, 30–31
vision statement and, 41
well-being, 24
Hutton, Barbara, 38–39
inattention, 11, 35, 42, 90
inclusivity, 62–64
income stream, trusts and, 89
incompetence, 11, 35, 90
independence, 28, 37–38, 46, 60, 115
individual achievement, 31
inheritances, 35, 89
insurance, cottage, 81–82
insurance companies, 82
intellectual assets, 3, 21, 36, 50–64
intellectual capital
education loans, 115
family wealth and, 23, 25–26, 98
inheritances, 35
Rothschild family, 30–31
shared knowledge, 28
vision statement and, 41
intelligence, 22
interest rates, 57
“investment committee,” 111
investment governance structure, 111
Investment Policy Statement (IPS), 110
investments, 11, 110
junior board, 105
Kennedy, John F., 17
land ownership, raw, 83
leadership
communication, 33
communication and, 48
defined, 51
financial discussions, 16
Griffiths, Frank A., 7–8
harmony, family, 135
learning and, 52
lifestyle, legacy, 58–59
mentorship, 88–90, 94, 115–116
role of, 26
Treliving, Jim, 121
learning, 52–53
legal structures, governance, 106
life stages, 63
lifestyle, attitudes about, 58
lifestyle, legacy, 16, 58–59
listening, active, 48
litigation, estate, 87
loans, enhancement, 115–116
loans, financial, 114–115
lottery winnings, 35
Louis XV of France, 88
loyalty, client, 27
luck factor, 34–36
marital breakdown, policy and, 117
Mayflower Compact, 106–107
McCammon, Stan, 74
McCaw, Bruce, 68
McCaw, John, 68, 74
mentorship, 88–90, 94, 115–116
mismanagement, 11, 35, 90
mission, lack of, 16–18
mission statement, 40
Moore, Gordon, 52
Moore’s Law, 52
multigenerational wealth, 110–111
Murdoch, Rupert, 72
mutual funds, 55–56
National Basketball Association franchise, 2
National Hockey League (NHL), 2, 8, 70–71
NBA, 70–71
negligence, professional, 18–19
Northwest Sports Ltd., 70–71
oligarchy, 104
open-mindedness, 119
optimism, 40
ownership, control vs., 37, 61
ownership, management and, 71
Painted Rock Estate Winery, 67, 71
parental control, 27
passion, 27, 35, 67
pension plans, 54
Perpetuating the Family Business: 50 Lessons Learned from Long-Lasting, Successful Families in Business (Ward), 39
personal dreams. see dreams, personal
personal strength, 22
personal-use properties (PUPs), 80
philanthropy, 11, 96–103, 112
physical well-being, 24, 36
policies, before need, 29, 116–118, 125
potential, individual, 52
Preisser, Vic, 10, 40
preparedness, heirs, 14–16
Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values (William and Preisser), 10
primogeniture, 27
privacy, 12
probate fees, 87
process, agreed-upon, 114–116
professionals. see advisors
professional structures, 21
profit expectations, 31
projections, financial, 75–76
“pruning,” 62–63
purpose, sense of, 24
purpose, shared, 17, 29, 114
pursuit of happiness, 24
raw land, 83
redistribution, asset, 11
reformatting assets, 22
resentment, 43–44
respect, 118
risk, 35, 83, 94, 110
Rogers Arena, 68
role modeling, 26–27, 34
Rothschild, Mayer Amschel, 30–31
Rothschild family, 30–31
sales pitches, 129–130
scare tactics, 81
scholar’s award, 102–103
second-generation family members. see also sibling cooperation
character traits, 35
governance, 107–108
Griffiths family, 35
luck factor, 34–35
transition of, 8–9, 22
self-discipline, 51–52, 53–54
self-esteem, 23
self-fulfillment, 36, 37–38, 60
self-sufficiency, 27, 38
seminars, 6
sense of purpose, 24
sentimentality, 78
shareholders, 43
“shirtsleeves to shirtsleeves in three generations,” 9–11
sibling cooperation
family cottage and, 81, 84
governance, 107–108
partnership, 28, 39, 62
philanthropy, 97
Skinner, John, 67, 71
social safety nets, 54
South Africa, 17
sports organizations, 22, 69–71
standards, personal, 52
Stern, David, 70–71
stewardship
commitment to, 27, 36–37
family board as governance, 105
family cottage, 83
government and, 46
reformatting assets, 21–23
strike, labor, 54
Studio Post and Transfer, 7
Super Channel, 7
tax
capital gains, 82
estate, 79
laws, 80, 91
liability, as a, 42–43
planning structures, 80
returns, 5, 43
structure, 47
system, 44–45
teamwork, 39
“The Griffiths Family Saga: Line of Dissent,” 3
third-generation family members, 2, 8–9, 25, 78, 104, 108, 109–110
traditional approach to succession planning, 3–4, 10, 19, 23, 44, 136
transitioned assets, 11
Treliving, Jim, 121
trust, advisors, 125
trust, breakdown of, 12–14, 136
trustees, 43, 88, 89, 92–93
“trust fund baby,” 89
trust funds, 28, 42, 43, 79
trust structures, 19, 47, 76, 79, 80, 87, 116
union, labor, 34
unity, family, 31
values, shared
foundational piece, 32–33
as a foundation for the Family Bank, 19
getting started, 119–121
Investment Policy Statement (IPS), 110
passed down, 2
personal and, 24
vision statement and, 49
Vancouver Canucks, 8, 68
Vancouver Grizzlies, 68
Vanderbilt family, 31
vision, shared
changing, 52–53
conflict, 17–18, 40, 48–49
equality and fairness, 29
failure of plan and, 94–95
as a foundation for the Family Bank, 19
governance, 105
Investment Policy Statement (IPS), 110
philanthropy, 97
statement, 40
voice, earning a, 13–14, 23, 61–63, 109, 118–119, 120
The Wall Street Journal, 72
Ward, John L., 39, 106
wealth, defined, 23
wealth-creating generation. see first-generation family members
well-being, 24, 36
Western International Communications (WIC), 7
Williams, Roy, 10, 40
The Williams Group, 10–11
wills, as a governance structure, 106
wills and estate plans, 5
work, attitudes about, 58
work ethic, 27, 37–38, 52
“working together,” 31