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The Family Retreat

The most unique and effective element of wealth transfer planning using the FBR System is the family retreat that follows the individual meetings with each family member. The retreat creates the climate for continued open and honest communication between family members. The overriding goal is gaining the support of the family to preserve and protect the wealth of the family and assure the future success of the business.

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We follow a standard process:

  • Find a neutral location
  • Invite all family members to attend
  • Create an atmosphere of open sharing

The Wealth Transfer Specialist facilitates the session. He/she will begin discussion by asking each family member three key questions:

  • What are your expectations for the retreat?
  • What do you admire most about your family and family business?
  • What changes would you like to see?

During the family retreat a lot of ground will be covered. The WTS will:

  • Review the current plan
  • Discuss the family interviews, share results without disclosing names
  • Relate family objectives to the new plan
  • And, most importantly, relate family objectives to the new plan
  • Discuss liquidity options and required tax and legal documents

Key to a successful plan is implementation and monitoring of the new plan. The WTS works as the team quarterback to oversee the implementation and is responsible for putting the plan into action in a timely manner. Once the new plan has been presented and accepted it is time for a celebration. It is important to acknowledge that this was a great accomplishment that could not have happened without family communication.

The result will be a new plan that protects and preserves the family’s wealth in a way that is fair to all the individuals and best for the continued health of the family and business.

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