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When it comes to planning the future, there is no time like the present

The new omicron variant was certainly an unwelcome and perhaps unexpected holiday development. I do hope the holiday season found you and your loved ones happy and healthy.

The impact of COVID-19 has made human beings feel more mortal. During the last 2 years, families found time to share and discuss their futures. In those months the very nature of succession changed as people realized just how unpredictable the future has become. During this period, we have been having more and more discussions with our clients. These conversations have been about the sustainability of their succession plans, helping them review their long-term strategies and reassess their businesses and investments to ensure they could navigate rougher and more uncertain waters.

Families are understanding that the pandemic will last longer than expected and that predicting the future has become even more complex in the “new norm”. In our conversations with clients, several concerns have repeatedly come to light:

  • Families are considering including new and more family members in their planning

  • They are reviewing their capital and liquidity requirements, both for the present and the future

  • They are assessing the talents and skills required to assure the family’s legacy

  • Family businesses are looking very carefully at the transfer of their business to the next generation

To plan for this this increasingly uncertain future and to maintain and grow their prosperity, clients are accelerating succession planning. Changes to business strategy are also being examined.

One question that we hear a lot is how to protect family wealth and maintain sustainable wealth appreciation. Families all over the world are looking to protect their wealth and make sure that their capital continues to grow in the long term. Managing risks and ensuring accountability are key components required to achieve this. Given that every family has its own unique risks, any framework designed to assure wealth protection and sustainable capital appreciation should be tailored specifically to the family’s values and needs.

They are also finding they can’t do this alone and are looking to their advisors to play a pivotal role in helping them adapt to individual needs, capabilities and circumstances.

Another question revolves around the key elements to consider in long-term planning; whether it’s a family business or investment business:

  • What is the long-term plan for the family’s wealth?

  • What is the purpose of our wealth?

  • What are our family’s vision and values?

  • What are the long-term plans we need to consider?

  • What skills will be needed in the new norm?

  • Is there complete alignment with the next generation?

  • How do we mitigate and reconcile disagreements between family members?

  • Is the next generation ready to take over the business?

Alignment and communication are fundamental to the success of the long-term plan.

Conclusion: Don’t wait. The future is now.

COVID-19 has been a stark reminder that the world waits for no one.

Given the new level of vulnerability, anyone with a business, a family or wealth to protect needs to be reviewing their situation now and asking whether their plan will enable them to navigate the uncertainty.

Tennis star Arthur Ash said, “The doing is often more important than the outcome” The doing is where we experience life, where we learn, where we overcome challenges. The achievement is merely a marker that signifies how much we’ve grown along the way.

We at M Bacal Group can help you. Our approach centers around you and your family so that you make the most of your situation. Our presence helps you protect your future.

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