Lesson # 1 –W

eek 1 Lesson 1

Strong Families Survive Tough Tim

es.The Tim

es Are U

pon Us, H

ow’s Your Fam

ily?

Families are Failing, B

ut Things Are Starting

to Change.

Tom &

Cathy R

ogersonG

enLeg Com

panyC

reating Generational Legacy.

Tom@

GenLegC

o.comw

ww

.GenLegC

o.com617-688-2029

Prestidigitation

70%

97%

Of all w

ealth transfers fail in one generation.

Of all m

ulti-generational wealth transfers fail w

ithin three generations.For Love and M

oney, Roy W

illiams

61%

86%

Rate legacy developm

ent as a top financial need. M

indscape Study

Of fam

ilies say it is important to leave values and life lessons as inheritance.

Morningstar

Of fam

ilies say, “Our plan does not deal w

ith our goals, wants, and objectives!”

David York

90%

Heckerling attendees said biggest threat to their estate planning w

as: “Family C

onflict“TD

Wealth

46%

Stats to Consider:

Client Study –

Wealth -

“SHIR

TSLEEVES TO SH

IRTSLEEVES?”

4th G

eneration Lam

entation(G

enealogy)

3rd+ G

eneration Enjoym

ent

1st G

eneration C

reation

2nd G

eneration A

ssimilation

$

TIME

Careers:

Entrepreneur,R

/E Developer,

CEO

, ...

Careers:

Attorneys,

Accountants,

Investment

Advisors, ...

Careers:

Actors,

Musicians,

Park Rangers,

Ski Patrol, ...

“I must study politics and w

ar that my

sons may have the liberty to study…

m

athematics, …

comm

erce, and agriculture, in order to give their children a right to study painting, poetry, (&

) m

usic, ...” John A

dams

John Adam

s of Massachusetts

"If you ever think you're too important, ask

your kid about your grandfather, she doesn't know

him. That's how

fast we are

here. You are two generations from

being forgotten."

Benjam

in Watson

Benjam

in Watson –

2005 Tight End for NE Patriots

Next Video –

Week 1 Lesson 2

“They did what they thought w

as normal, but no one

actually taught them w

hat Norm

al really was.”

Cousin C

harlie

Rogerson Fam

ily Eventual Failure -Why?

Failure doesn’t require huge sums of m

oney lost. Small

sums can be just as dam

aging. For example, a firefighter

inherits $250,000. Buys a new

pool and puts an addition on the house.N

ow he faces higher taxes and upkeep w

ith no additional incom

e. He m

ay have improved him

self out of a home.

No one taught him

a “sustainable spend rate.”

-George B

urns

“Happiness is having a large,

loving, caring, close-knit family

in another city.”

1) Financial wealth is gone. Enterprises, Structures &

Assets

Financial security disappears –“D

ivide and Dissipate”

2) Family Identity

and History

forgotten or lost.W

ho Are W

e?W

ho were w

e and who do w

e want to be?

“When a G

randparent dies, a Library burns down.”

3) Family Independence to the point of Estrangem

ent.To K

now and to be K

nown? To Trust and to be Trusted? N

ot!Yet R

esilience comes from

Connection, Place &

Purpose.W

ho Are You?

Disharm

ony, Conflicts &

Resentm

ents are Thriving!“W

ho’s in your cell phone contact list?” Cousins? 2

nd? 3rd?

THE D

EFINITIO

N O

F “FAIL”

“What you did is your H

istory. What you set in m

otion in your fam

ily is your Family Legacy!”Leonard Sw

eet-ish

60% of Failure is D

ue to a Lack of Com

munication and Trust W

ithin the Family

Around G

roup Decision M

aking, Education and Governance. Fam

ily Culture?

Risk R

eality–

“What B

it Me?”

WH

Y DO

90% FA

IL?

25% of Failure is D

ue to Unprepared H

eirs.Family C

ulture?

Less than 5% of Failure is D

ue to Failures in Financial Planning, Taxes and Investm

ents!

10% of Failure is D

ue to No C

larity of Family Purpose and Individual Place.

Family C

ulture?

Source -William

s and Pressier

60%of Failure is D

ue to a Lack of Com

munication and Trust W

ithin the Family

Around G

roup Decision M

aking, Education and Governance. Fam

ily Culture?

Risk R

eality–

“What B

it Me?”

WH

Y DO

90% FA

IL?

25%of Failure is D

ue to Unprepared H

eirs.Family C

ulture?

10%of Failure is D

ue to No C

larity of Family Purpose and Individual Place.

Family C

ulture?

If this is the problem,

Why isn’t the focus on “Fam

ily Culture?”

Peter Drucker &

Culture

“Culture Eats Strategy

For Breakfast!”-Peter D

rucker

“The Advantage” -

Patrick M. Lencioni

Three Biases

-R

easons not to change “Culture”

Sophistication Bias –“U

nderestimate the im

portance due to sim

plicity and too obvious.”“N

ot new, so not important!”

Adrenaline Bias –“Too focused on activity, not health!”

“We’re too busy for this!”

Quantification Bias –

“Can’t quantify and m

easure, so why try.”

“What are the m

etrics?”

Next Video –

Week 1 Lesson 3

NY State Bar Fam

ily G

overnance Sym

posium

“I watched the w

ebcast from

Albany, and it w

as an Excellent, w

ell-rounded program

!”

Sally Bratten, CLE Program

Attorney

54thA

nnual Heckerling Institute on Estate Planning 2020

©G

enLeg Co., Inc. 2019

54thA

nnual Heckerling Institute on Estate Planning 2020

Family W

ealth and Legacy Resources -Education

Raising Younger C

hildren:�

Raising Financially Fit K

idsby Joline G

odfrey�

Cleaning H

ouse: A Mom

's 12-Month Experim

ent to Rid H

er Hom

e of Youth Entitlement by K

ay Wills W

yma

�w

ww

.DoughM

ain.com-K

en Dam

ato&

Ned H

entz�

The Financially Intelligent Parentby Gallo &

Gallo

�The B

lessing of a Skinned Knee

by Wendy M

ogel�

The Opposite of Spoiled

by Ron Lieber

Teaching Teenagers, Parents and Older

�The U

ltimate G

iftby Jim Stovall (The book is better than the m

ovie at teaching children the lessons).

�The Price of Privilege

by Madeline Levine

�The M

yths of Happiness

by Sonja Lyubomirsky (“H

edonic Adaptation”)

�The M

yth of Lazinessby M

el Levine M.D

.�

Kids, W

ealth, And C

onsequencesby M

orris & Pearl

�A W

hole New

Mind

by Daniel Pink

�Failure to Launch

by Mark M

cConville, Ph.D

.�

The Born R

ichVideo by Jam

ie Johnson (HB

O)

�C

hildren of Paradiseby Lee H

ausner�

Family W

arsby G

ordon & N

icholson�

The Pecking Orderby D

alton Conley (poorly w

ritten but interesting data)

Com

munication and Team

building Resources

Assessm

ents:Use A

ssessments carefully, they are not perfect.

•Stratton C

onsulting Group ILS Test –

ww

w.strattonconsulting.com

(best at changing group dynamics)

•Strengths Finder 2.0

by Tom R

ath(good for learning individual strengths)

Relationship B

ooks and Tools:•

Understanding O

ther Peopleby B

everly Flaxington•

Triggersby M

arshall Goldsm

ith and Mark R

eiter•

The Road B

ack To Youby Ian M

organ Cron and Suzanne Stabile

•B

ig Talk -G

reat Family C

onversation Cards –

ww

w.m

akebigtalk.com•

Food For Talk –O

ther Family C

onversation Cards

•The Stories W

e Tell Ourselves

by Scott Gornto

•R

adical Candorby K

im Scott

•M

agnificent Mind at A

ny Age

by Daniel A

men M

.D.

•D

econstructing Conflictby D

oug Baum

oeland Blair Trippe

•H

ow To W

in Friends and Influence Peopleby D

ale Carnegie

Managem

ent “Working together” books that relate to Fam

ily as well

•O

utliers, The Tipping Point(“Values vs. Experiences”), David &

Goliath

(“Wealth &

happiness” “Dyslexia &

agreeableness -Parts 1 &

2 of this book) -A

ll by Malcolm

Gladw

ell •

The Five Dysfunctions of a Team

and The Advantage

–B

oth by Patrick Lencioni

Family Values –

Mission/Vision &

Family Experiences

Values and Experiential Exercises: �

Working W

ith The Ones You Love

by Dennis Jaffe -

Changew

orksValues Edge K

it –w

ww

.djaffe@saybrook.edu

�21/64 “Values C

ards” –w

ww

.2164.net�

Ethical Wills –

Susan Turnbull –w

ww

.yourethicalwill.com

�The Ten Lenses

by Mark A

. William

s�

Beyond Success

by Randall J. O

ttinger�

Halftim

eby B

ob Buford

�The A

dversity Advantage

by Paul Stoltz Ph.D. Eric W

eihenmayer

�The H

appiness Advantage

by Shawn A

chor

�Fam

ily Entrepreneurship Program: C

all us at GenLeg C

o. for details (617) 688-2029 Parent &

Child Experience -“D

o to Learn!” -R

ather than -“Learn to Do!”

Family Team

building Experiences: �

Outw

ard Bound, w

ww

.outwardbound.org

(Thompson Island, B

oston -ask for Ellen Harris)

�G

eocaching -B

uild a Boat -

Escape Room

-A

ll are great Teambuilding activities. C

all us for other suggestions.

Family Philanthropy R

esourcesFam

ily Philanthropy:�

Giving it all Aw

ayby D

avid Green and B

ill High

�The M

oment of Liftby M

elinda Gates

�M

ission Driftby Peter G

reer and Chris H

orst�

Wealth in Fam

iliesby C

harlie Collier

�Philanthropy, H

eirs and Valuesand Preparing H

eirs-B

oth by William

s and Priesser�

Can’t Take It W

ith Youby Lew

is Cullm

an�

Give $m

artby Thomas Tierney &

Joel Fleishman

�Leap of R

easonby M

ario Morino

�H

abitat For Hum

anity -DO

it as a Family!

�Social Venture Partners

�M

icro Finance –kiva.org?, etc.

�N

ew Process of Fam

ily Giving vs. Individual G

iving or Giving to “Past Pets”

Call us at G

enLeg Co. for details (617) 688-2029

Governance

-�

Family W

ealth: Keeping It in the Fam

ily –Jay H

ughes�

Strangers in Paradise–

Jim G

rubman

�B

uilding a Hundred Year Fam

ily Enterprise–

Dennis Jaffe

�Fam

ily Legacy and Leadership: Preserving True Family W

ealth in Challenging Tim

es by Mark D

anielland Sara Ham

ilton�

Family B

usiness and Positive Psychologyby Scott E. Friedm

an�

For Love & M

oneyby John A

mbrecht, H

oward B

erens, Richard G

oldwater, &

Tom G

orman

�B

eyond Successby R

andall Ottinger

�Em

powered W

ealthby B

rower/Thurber

�Fam

ily Mission Statem

ent and/or Family C

onstitution –N

ot for everyone but Imperative for som

e?•

Call us at G

enLeg Co. for details (617) 688-2029

Governance R

esources

Planning-

�Entrusted

by Andrew

How

ell and David York

�W

inners Take Allby A

nand Giridharadas

(To give you a glimpse at the perspective of those that w

ant to take wealth from

you)

Investment M

anagement –

Wall Street’s Productapproach vs a Fiduciary

approach.�

Inside Job(M

ovie about the problems w

ith Wall Street’s approach and conflicts of interest)

�Financial D

NA

by Hugh M

assie�

Why I Left G

oldman Sachs

by Greg Sm

ith�

Capitalism

Without C

apitalby Jonathan Haskeland Stian

Westlake

�The Experience Econom

yby Joseph Pine and Jam

es Gilm

ore

Geopolitics (and the affect it can have on Fam

ily Legacy}•

The Fourth Turningby W

illiam Strauss and N

eil How

e•

The Storm B

efore the Calm

and The Next 100 Years

–B

oth by George Friedm

an•

The Accidental Superpow

erand The Absent Superpow

er–B

oth by Peter Zeihan

Planning & Investing R

esources, along with G

eopolitical Risks

Family Stories of W

ealth and Loss

�M

ellon: An A

merican Life by D

avid Cannadine

�B

eer Money

by Francis Stroh�

Dethroning the K

ingby Julia M

acintosh�

The King of C

aliforniaby M

ark Arax

and Rick W

artzman

�B

arons of the Seaby Steven U

jifusa�

Titanby R

on Chernow

(about Rockefeller)

�The First Tycoon

by Mark D

eakins (about Vanderbuilt)�

Andrew

Carnegie

by David N

asaw�

Becom

ing Steve Jobsby B

rent Schlender and Rick Tetzeli

�The B

ig House

by Colt G

eorge How

e�

The Big R

ichby B

ryan Burrough

Extra Resources

For Families in B

usiness�

Preserving the Legacy of a Family-O

wned B

usinessby B

achmeyer&

Snyder�

Perpetuating the Family B

usinessby John L. W

ard�

Generation To G

enerationby John D

avis, Gersick, M

cCollom

, & Landsberg

�W

orking With the O

nes You Loveby D

ennis Jaffe�

Teaching Entrepreneurshipby N

eck, Green and B

rush�

The ON

E Thingby K

eller & Papasan (A business book but the lessons can be applied to the fam

ily)

Family Entrepreneurship Program

: Call us at G

enLeg Co. for details (617) 688-2029

Parent & C

hild Experience -“Do to Learn!” -

Rather than -“Learn to D

o!”

Other Fam

ily Wealth and Fam

ily Legacy Books

�C

EO D

adby Tom

Stern (Good H

umor)

�N

avigating the Dark Side of W

ealthby Thayer W

illis�

The Golden G

hettoby Jessie O

’Neill

�M

oney Harm

onyby O

livia Mellan

�Loonshots

by Safi Bahcall

�W

hite Picket Fencesby A

my Julia B

ecker

Our Passion and M

ission is to:Intentionally introduce and reintroduce a

family to itself repeatedly, w

ith tools, activities and m

etrics to create and measure success.

“To Educate, Motivate and Facilitate!”

GenLeg C

o., Inc. Mission Statem

ent

Tom Rogerson

CEO, G

enLeg Co.Tom

@G

enLegCo.com617-688-2029

Cathy RogersonDirector, G

enLeg Co.Cathy@

GenLegCo.com

617-750-2029

Thoughts on:

�W

hat are the most im

portant things lost in the “Shirtsleeves to Shirtsleeves” Paradigm

?

�R

egarding: “Lack of Trust around group decision making” being the

key problem. In w

hat ways does or doesn’t this resonate w

ith you?

�W

hat other factors would you have thought w

ould have been indicated by respondents?

�Is Fam

ily Culture ignored, and if so, w

hy?

�W

hat level of wealth is needed to benefit from

this knowledge?

Group D

iscussionH

uddle