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The Family Compass by Jerry Nuerge

The Family Compass by Jerry Nuerge

 

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Families often lack a compass for navigating through potential distractions. Most high net worth people believe that if they have signed all their trust documents and wills, they have taken care of their future. After all, their attorneys and CPAs have assured them that the maximum amount of financial assets will be transferred to their spouse and then to their children with as little loss to the tax man as possible. Unfortunately, research shows that only ten percent of financial assets make it to the fourth generation.

 

A family’s values are just as important as those of a corporation, but they receive far less attention. I have found it more beneficial to families to focus on three often ignored components that have the potential to extend a legacy indefinitely:

 

1) What are your values?

 

2) What virtues will we pursue?

 

3) What do we want our family story to be?

 

Collectively, these are family brand equity, the core of a family’s culture. The values define the family, the virtues build the family, and the story describes the family.

 

 

VALUES

Rather than elevate whatever human values are currently in vogue in our culture, we identify our family’s values based on the evidence of our calendar and pocketbook. 

 

 

VIRTUES

Virtues are frequently underestimated in importance. Aristotle argued that substantial happiness and human flourishing could be grasped only through the virtues. King Solomon stated it this way: “My son, do not forget my teaching, but keep my commands in your heart, for they will prolong your life many years and bring you peace and prosperity. Let love and faithfulness never leave you.” (Proverbs 3:1-3)
 
The battle of morality is not so much about knowing what is right as it is doing what is right. 

 

 

STORY

The family story is a crucial component. Think of the family story as an ongoing stream of past, present, and future stories of family members woven together. These stories, infused with the family’s values and virtues, provide a sense of identity as well as motivation to not be the generation that weakens the heritage.

 

 

Imagine the priceless joy when family brand equity is the focal point of our transfers to the next generation! These assets empower families to live intentionally productive lives for multiple generations.

 

 

 

To learn more about the Center for Family Conversations and the new book, Unheritage, click here.

 

 

 

 

WHY YOU SHOULD LISTEN TO JERRY?

 

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Jerry Nuerge is founder and owner of the Financial Independence Group. He is also the creator of the Wealth Integration and Transfer System™, the Generation Connection Process™, as well as the Revenue Retrieval System™. Jerry holds a BBA and MBA degree, holds the Chartered Advisor in Philanthropy (CAP), is a Chartered Life Underwriter (CLU), a Chartered Financial Consultant (ChFC), a Certified Family Wealth Counselor (CFWC), and a Registered Investment Advisor (RIA). He is a lifetime member of the Million Dollar Round Table (MDRT), and has qualified for its “Top of the Table.” He also belongs to the National Estate Planning Council, the Society of Financial Service Professionals, the National Association of Insurance and Financial Advisors (NAIFA), and is a past-president of the local chapters of these organizations.

 

 

Jerry is a member of Kingdom Advisors (KA) and a charter member of the Int’l Association of Advisors in Philanthropy (AiP), which he served as president in 2009.

 

 

Jerry has been married to his wife, Sharon, since 1967, and has three children and eight grandchildren, all living in the Fort Wayne, IN area.

 

 

Co-author of Family Wealth Counseling: Getting to the Heart of the Matter and author of The Priceless Gift, Jerry is active as a consultant and national speaker.

Succession Planning for a Family Business

Succession Planning for a Family Business

 

succession planning for a family business

 

 

Ivan Lansberg on “Ambidextrous Leadership”

Ivan Lansberg on “Ambidextrous Leadership”

 

 

Ivan Lansberg contends that effective leadership of a family enterprise requires a skill set which has not been adequately described in the business literature.

 

 

More specifically, he notes that leaders in a family enterprise are required to attend to the leadership needs of both the enterprise and the family. The enterprise needs the leader to lead, for example, the process of succession, while the family needs the leader to lead, for example, the nurturing and development of the next generation, the support of elderly parents, and the planning of family events. Most leaders are better at leading either the enterprise or the family, but few are naturally inclined in both areas. Lansberg calls for family enterprise leaders to become “ambidextrous leaders” — to build their skills in both arenas. This can allow the family enterprise to take advantage of the paradoxes of a family enterprise and turn these potentially confounding ambiguities into strategic advantages.

 

A lie spreads quickly

Any fool can criticize – Dale Carnegie

Narrative Humility: Sayantani DasGupta

Narrative Humility: Sayantani DasGupta

Sayantani is a physican and writer, originally trained in pediatrics and public health, who is a faculty member in the Master’s Program in Narrative Medicine at Columbia University and the Graduate Program in Health Advocacy at Sarah Lawrence College. Sayantani teaches courses on illness and disability memoir, and narrative, health and social justice. She is a widely published and nationally recognized speaker on issues of narrative, health care, race, gender and medical education, and in 2012 was featured in Oprah Magazine in an article on Narrative Medicine – which she describes as the clinical and scholarly movement to find health care’s lost art of story-telling and story listening. She is the co-author of The Demon Slayers and Other Stories: Bengali Folktales, the author of a memoir about her education at Johns Hopkins, Her Own Medicine: A Woman’s Journey from Student to Doctor, and the co-editor of an award winning collection of women’s illness narratives, Stories of Illness and Healing: Women Write their Bodies.

Stories have always been at the heart of health and healing. Before fancy imaging equipment or lab tests in their metaphorical black bags, they had the ability to be present, to witness another human being’s life and death, suffering and joy. Narrative medicine is the clinical and scholarly movement to find health care’s lost art of storytelling and story listening. A narrative understanding of health care honors the ancient, storied heart of healing, while teaching those responding to stories—clinicians, therapists, family members, and advocates—how to go about the art of witnessing. Witnessing stories from a position of Narrative Humility acknowledges that stories of the ill are not objects in which to become ‘competent’ or master, but rather, dynamic entities that for healers to approach and engage with, while simultaneously remaining open to their ambiguity and contradiction, and engaging in constant self-evaluation and self-critique about issues like the witnesses role in the story, expectations of the story, responsibilities to the story, and identifications with the story. Narrative humility is a philosophy of listening which holds potential beyond health care as well, in any situation where more powerful individuals engage with stories of those who are socially, culturally or politically less powerful. It acknowledges that the listener — be that a clinician, reporter, policy maker, or teacher — must willingly place herself in a position of some transparency. The witness must not only see, but be seen, and by doing so, enable herself to see even more clearly.

 

Simplicity is the key to brilliance – Bruce Lee

 

Simplicity is the key to brilliance – Bruce Lee

A quick temper will make a fool of you – Bruce Lee

The importance of strategy – Sun Tzu

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The importance of strategy – Sun Tzu

The difference between Champ and Chump – Lou Holtz

lou holtz  

The difference between Champ and Chump – Lou Holtz