Can a Sibling Team work?

Why They Approached Us

The client (generation 1) has a sizable trust holding an interest in an LLC which owns several family businesses. He recognized that due to the trust’s size, he needed to replace a family member trustee with a regulated trust company. Additionally, he sought help preparing the next generation to inherit the trust assets and steward them well.

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What We Did

We approached the trust strategically and creatively, working with both generation one and generation two.

 

• We Created a Family Constitution. We met with each family member multiple times to receive feedback and provide education and clarity. Ultimately, we helped the family to come together/agree/align and express/delineate/document their core values and their vision for the future of their family business.

 

"My experience working with PTC has been fantastic. My family recently drafted a family constitution, and the process of doing so came with challenges on multiple fronts. PTC did an amazing job working as a mediator, a source of ideas, and a process manager keeping us on schedule. The end result of their involvement was a better result and a more efficient, harmonious process." – Trust Beneficiary

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• We coached generation two in collaborative decision making. As a group, generation two needed practice making decisions together. We hosted private workshops educating them on effective decision-making theory and emotional intelligence. Every six months we facilitate an exercise where the siblings practice making group decisions by selecting a charity to receive a $50,000 donation. Each sibling is responsible for researching and nominating a charity for the group to consider and the final decision must be unanimous. The sibling decision making practice is paying off. They have grown from bickering to constructive discussions where each sibling actively listens to the others.

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• We hold regular family meetings. Great families work together to articulate their vision, challenges, and goals. We host regular family meetings where the family communicates openly about family and business matters and where we empower generation two to take charge of their succession.

 

We understand the dynamics and value of a family business. Succession across generations must be intentional and long-term. We think in terms of generations and work closely with each member of the family to create lasting relationships and lasting value.