Guiding Families. Preserving Legacies.
WE WANT OUR CHILDREN TO BE HAPPY & HEALTHY
The goal of any good parent is to have his/her children lead happy and healthy lives. For parents with significant wealth, this goal extends to having their children grow up to responsibly appreciate and even grow the family wealth for future generations.
MONEY DOESN’T BRING HAPPINESS
Money in and of itself, though, doesn’t bring happiness to families or their children. It’s that financial success that many would celebrate though that presents certain unique challenges. Family wealth comes with considerably more than traditional assets. It also comes with a complicated history often fraught with heightened expectations and odds that are stacked against you. In fact, 70% of all wealthy families lose their incredible wealth by their 2nd generation, and up to 90% lose it by their third generation.
Wealth often breaks down family trust and relationships. In addition, family members who are successful in many aspects of their lives tend to be too busy or simply ill-equipped to celebrate their familial heritage and prioritize their family connections. Whether it’s a parent and child, two siblings, or even a few cousins, these family relationships are often ripe with relational and emotional challenges that ultimately put the family’s significant assets at risk.
“Family disagreements belong at home, not in the boardroom.”
– Dr. Jeremy S. Lurey, Founder & Family Advisor
FAMILY BUSINESSES CREATE EVEN GREATER CHALLENGES!
Many of these families also operate their own family businesses. While a successful multi-generation family business can create a lasting legacy that offers tremendous wealth-generating potential, the reality is that the overwhelming majority of these family-owned and operated companies fail to succeed from one generation to the next. Research shows that only 30% successfully transition from their 1st to 2nd generation, and these trends continue to decline significantly with every generation that follows.
GUIDING YOUR FAMILY TO PRESERVE YOUR LEGACY
Successful multi-generation families leverage the following family-focused programs to lay the foundation for greater success and to build their legacies together:
Family Forums & Retreats
Enhance family member relationships & proactively address critical family matters
Family Legacies & Charters
Define the core values & operating guidelines for multi-generation families
Improve communications & strengthen connections between Parents & their Children
Support NextGen Children in making major life decisions & leading more fulfilled lives
Business Succession Planning
Develop future leaders & transition family businesses to the next generation
Up to 90% of all high asset families will lose their wealth within three generations
Nearly 90% of all family businesses will also disappear by their third generation
“What a tremendous 1st annual retreat! I thank you, Jeremy, for your expertise, your counsel, and your guidance. You are truly gifted in your role as a coach, and we respect you very much as one of our trusted advisors. With your help, I believe these next generation leaders will be able to work together to grow and sustain the legacy we have created.”
– Vice President, Administration & Treasurer
Jeremy S. Lurey, Ph.D.
Founder & Family Advisor
Dr. Jeremy Lurey is the President and CEO of Family Legacy 1st, a Plus Delta Consulting company. Dr. Lurey is a talented and trusted CEO Coach and Family Advisor who helps his clients identify their key objectives and take the necessary actions to achieve those personal and professional goals. With 25 years of progressive experience as a management consultant and organizational psychologist, Dr. Lurey serves clients ranging from multi-generation families of significant wealth to mid-market companies to Fortune 500, multi-national corporations.
His clients regularly acknowledge his unique ability to get them unstuck and guide them to the next level while doing so in a way that is compassionate, supportive, authentic, and ultimately helps them achieve their strategic intentions.
With a passion for helping multi-generation families sustain their legacies, Dr. Lurey excels at enabling these successful families to transfer their wealth and transition their businesses from one generation to the next. He regularly facilitates Family Forums and family retreats, drafts Family Charters to define core values for families, and provides Family Counseling both to parents and their children. Dr. Lurey also designs and facilitates custom leadership development and coaching programs – supporting Baby Boomers in embracing their retirement and their NextGen successors in accepting increased business and personal responsibilities. From Strategic Planning to Succession Planning, Dr. Lurey enables his clients to act more “leader-like” and focus on what matters most in their lives!
Dr. Lurey holds MS and PhD degrees in Organizational Psychology. In addition to his role as a consultant, he frequently presents at professional conferences and seminars. He has also authored several publications on family business, succession planning, organization development, change management, and leadership excellence. Before establishing Family Legacy 1st, he worked at both PricewaterhouseCoopers and Andersen Consulting.