Ellwood Family

Best estate planning could not protect a family when money was the motivator.

Pre-Family Coaching

The patriarch was a first-generation wealth creator who grew up very poor and immigrated to the U.S. at age 17. He was determined to give his family a better life. While the children were growing up, he spent most of his time building the largest company in his industry, spanning multiple continents.

His six children from his first wife grew up knowing only abundance. The eldest son held various positions within the family business; however, they all did not work out due to past relationship friction with his father and disagreement on the company’s direction.

When we met the patriarch, his frustration centered on his children seeming ungrateful and disinterested in learning about their responsibility as heirs to a significant fortune. He grew increasingly frustrated at the missing “thank you’s” and their lack of direction. Sadly, the patriarch did not have much of a relationship with his children when money was not involved. They would contact him when they wanted something. He used money to connect with them, offering to take them on trips, buy them houses, and pay for their children’s private schools.

Concerned about entitlement, he kept the realities of the family wealth close to his chest, fearing wealth would disincentivize the children’s work ethics. The patriarch set up trusts that each child could access once they reached a certain age. Without a strong relationship with his kids, and unsure on how to initiate the conversation about wealth transition, he hoped his estate planning and family office would do the talking for him, and avoid disagreements being settled in court.

Realizing his relationship with his children would not get better with time, he reached out to us. The patriarch envisioned his legacy as a source of opportunity for his children and many generations to follow. However, he did not know how to put it in place.

Post-Family Coaching

Today, the family has created a highly successful family council responsible for protecting the family values. Together, they have established clear roles that enable them to conduct the business of a prosperous family with efficient decision-making, agility, and a platform for the next generation to learn the ropes. They have established protocols and expectations for the next generation to learn and step into family leadership roles while growing wealth for themselves and the family. Many of the family members including spouses are actively engaged in supporting the family legacy with some involved with philanthropy, planning family trips, financial education, or board positions. We continue to support the family with annual family meetings, and individual coaching as needed.

*Family name was changed to honor their privacy