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.

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“Family disagreements belong at home, not in the boardroom.”

– Dr. Jeremy Lurey, Family Advisor & Leadership Coach

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.

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Up to 90% of all high asset families will lose their wealth within three generations

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Nearly 90% of all family businesses will also disappear by their third generation

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“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.”

– 3rd-Generation Board Member & Treasurer

GUIDING YOUR FAMILY TO PRESERVE YOUR LEGACY

Multi-generation legacy families regularly experience similar challenges and opportunities as other families. At Family Legacy 1st though, we firmly believe the saying that when you’ve seen one family you’ve only seen one family. That’s why we start every client engagement with an appropriate assessment process to clearly understand not only the family’s current context but also individual family members’ vision for the future. Only through this discovery process can we identify and then design the right solutions for a family.

Whether it’s simply coaching a Rising Gen leader in your family business or leading a more complete governance project in your family office, Family Legacy 1st is here to help you prosper and preserve your legacy from generation to generation. Successful family office and family business leaders leverage the following customized programs to lay the foundation for greater success and to build their legacies together:

  • Family Education & Retreats

    Family members need to understand the fundamental principles that impact their families, especially as Rising Generation leaders get older and family dynamics shift over time. Whether for specific groups of family leaders or an entire family assembly, focused educational programs and family retreats can be the key to enhancing family relationships and proactively addressing these critical family matters before any conflict develop.

  • Family Mission & Values

    For families to be high-performance legacy families, they need to define their mission and core values. What matters most to your family? With this foundation in place, they can then establish clear behavioral guidelines and standards for everyone to live by, including any practices that might impact your family’s foundation, your Family Council, and any other philanthropic efforts.

  • Family Constitutions

    The purpose of a family constitution is to create a framework for leadership and governance by clearly outlining how a family is going to handle certain family‐related matters that can impact the family office or the family’s business in the future. Proactively establishing these guiding principles now promotes family harmony across family branches and generations to prevent potential conflicts in the future before they even occur.

  • Individual & Group Coaching

    Individual coaching programs can be effective for supporting Rising Gens and family office principals alike in making major life decisions and leading more fulfilled lives. Group coaching can also serve as a foundation to improve communications between family members and strengthen connections between parents and their children, siblings, cousins, and other family members like their married-in partners.

  • Leadership Continuity & Succession

    Family leaders cannot serve their current roles forever, so it’s critical for a family to thrive from generation to generation to identify its future leaders and then develop them over time. Whether in your family’s foundation or an operating company, creating your continuity and succession plan takes focused effort and a commitment from both family office principals and those Rising Gen successors to ensure a smooth and successful transition.

  • Board Development & Governance

    High-performance legacy families engage their best and brightest family members as well as talented independent advisors and directors to support their family’s important work. This starts with first recruiting those family and non-family champions to join their Boards and continues with establishing the governance practices required to sustain those professional Boards.

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“We had the pleasure of working with Jeremy during the transition of our family business from our 2nd to our 3rd generation. Working for a family business is never easy – especially when siblings are involved. I highly recommend any families looking to improve their relationships and grow their business work with Jeremy. We worked with several consultants over the past 10 years with no success until we found Jeremy, and I have never been more optimistic about the future of my family’s business. ”

– 3rd-Generation President & Co-Owner

Our Work

Family Legacy 1st’s Founder Dr. Jeremy Lurey frequently presents at professional conferences and seminars. He regularly delivers keynote addresses at trade association industry events as well as more intimate family office forums. Some of the topics he addresses include family legacy, family governance, Rising Gen leadership development, and business succession planning.

Over the years, he has also published several articles on family business, Board governance, succession planning, organization development, leadership excellence, and family legacy. Links to some of his most recent publications along with some of our past videos are provided below.

Articles

Videos

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“Bringing that balance of family psychology and Big firm consulting experience, Jeremy truly is the best in the world at what he does! He has provided the necessary structure for our Family Directors and independent Board members to make more effective and strategic decisions and significantly grow our company for our shareholders.”

– Board Chair & CEO

Who is Plus Delta Consulting?

Since 2002, Plus Delta Consulting has become a well-respected and sought-after coaching and consulting firm that specializes in improving performance and producing better business results for our clients. This is clearly demonstrated by the firm’s being recognized as one of the best Management Consulting firms by Wealth & Finance International and named one of the fastest-growing private companies in America – not once, but twice – by Inc. magazine. The firm’s President & CEO Dr. Jeremy Lurey has also previously been honored by The M&A Advisor as one of the “Top 40 Under 40″ executives of the year.

Over the years, Plus Delta’s coaches and consultants have supported a wide range of clients ranging from multi-generation family businesses to Fortune 500 corporations across industries and in both the public and private sectors. As you might expect from a company that is passionate about innovation and change, we too have learned to adapt to shifts in our market and especially to our clients’ evolving needs. That is why in 2019 we launched Family Legacy 1st – to better serve family offices and their principals, enabling them to create greater value and address the complex dynamics that impact their families. To that end, Dr. Lurey now serves as a U.S. Ambassador and Member of the Family Succession and Governance Expert Council for the Global Family Office Community in addition to being Co-Chair of the University of Nevada, Reno’s new Family Business Center.

What Sets Us Apart?

Family Legacy 1st serves its clients through its core team along with one of the strongest networks of family advisors, leadership coaches, and business consultants across the U.S. These individuals hold advanced degrees in business, psychology, and related areas, and they bring 20+ years of progressive leadership and work experience in the field to our clients.

Jeremy S. Lurey, Ph.D.
Founder & Family Advisor

Over the years, Jeremy has supported siblings, cousins, married partners, and parents, along with their children, by preparing family constitutions, facilitating family retreats, providing individual and group coaching, and instituting better Board governance to produce better results in their families and family businesses. With a background in Big firm consulting, he has also designed and facilitated strategic planning retreats, led performance improvement initiatives, and developed custom talent management solutions to streamline operations and enhance customer experiences.

With a PhD in Organizational Psychology, Jeremy was previously recognized as a “Top 40 Under 40” executive of the year by The M&A Advisor. He also received a certificate in Exit Planning from the Exit Planning Institute. Jeremy currently serves as a US Ambassador and Member of the Family Succession and Governance Expert Council for the Global Family Office Community as well as Co-Chair of the University of Nevada, Reno’s Family Business Center. 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, Board governance, succession planning, organization development, leadership, and family legacy. His clients regularly acknowledge his ability to get them unstuck, act more “leader-like,” and focus on what matters most in their lives.

Jeremy lives in Malibu, California. He is a proud husband, father, brother, son, and owner of 2 rescue dogs. Before launching his own coaching and consulting practices Plus Delta Consulting, CHIEFEXECcoach, and Family Legacy 1st, Jeremy worked at both PricewaterhouseCoopers and Andersen Consulting where he served clients of all sizes and across numerous industry sectors.

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“Seeing family members have that breakthrough moment and finally get past their differences to really connect with one another is perhaps the most rewarding part of my work.”

– Dr. Jeremy Lurey

Contact Us

Whether it’s coaching a Rising Gen leader in your family business or leading a more complete governance project in your family office, our team at Family Legacy 1st is here to help you prosper and preserve your legacy from generation to generation.

For more information, please contact us using the form below.