Andres Ospina, Managing Director of Family Office Club, introduces the viewers and listeners to the concept of a "family office” and highlights the features family offices offer. One of the main benefits of a family office is less bureaucracy when raising capital as compared to private equity and angel investors. In this "Legacy Series" dialogue, we chat about the positive examples of family business club members such as Mitzi Perdue. Family legacies will be best protected when the next generations understand the history and hard work behind the business that created the wealth. Andres and I speak about entitlement and how this mindset can impact the next generations as it relates to their family business. Mr. Ospina highlights the contrast of western culture and Asian family business members who stay with their family their entire lives. He shares the difference in generational heritage that seeks to instill pride into the nextgen's in their last name and bloodline whereas "new wealth" faces new tax challenges. As new entrepreneurs sell their companies for massive profits, they then become responsible to learn about tax liabilities. Many individuals would like to be acknowledged and remembered. Andres highlights the key question to ask of “what type of legacy do they want to leave behind?” For many families and individuals of affluence, they prioritize the values of family (human capital) as well as wealth preservation. For coaches and advisors, Mr. Ospina emphasizes the importance of being in partnership with these family’s legacy visions, so their future legacy aligns with past successes. One area of service coaches and advisors can provide includes the creation of a mission statement that bring all generations of family members together, united in inspiration. When the two areas of family and business entangle, friction can increase exponentially. For this niche of society, family business members and those of affluence face additional hurdles - they need to maintain a public face while having to navigate difficult conversations. Obviously an individual or family worth $200M has unique needs, challenges and dynamics, compared to $2M. For Andres, his personal legacy involves sharing spiritual lessons connected to business. He would like to bring more peace to the world by putting diverse situations into perspective. He expresses how valuable it is when we can admit we do not understand the person sitting across from us – this level of honesty pushes us to ask better quality questions. Salesmanship is understanding another human being in their problems and challenges. In defining, developing and executing his legacy, Mr. Ospina honors his values around:• acknowledgement (a form of love and respect);• curiosity in learning with an open mind;• humility (in suppressing his ego when learning);• keeping an open mind as he takes new risks; and• living outside of his comfort zone. He closes this Legacy interview by asking coaches and advisors to learn to speak the language of money, wealth and capital so to meet affluent individuals and families where they are at – for legacy planning. Andres challenges coaches and advisors to get more comfortable around talking about money and one's relationship with money so to better analyze client needs with a finance focus.-Legacy Planning is a boutique advisory firm based in Beverly Hills, California that specializes in the coaching and advisory work around personal legacies. Book your first coaching session today: www.DesignUrLegacy.com. Our Theme: Everyone deserves great coaching because your legacy is worth executing.We don't make your legacy. We make it better!
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