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    The dog days of August … A time to reassess success

    The summer is a great time to take a break from many of the day-to-day activities that take up most of our time and thoughts. It’s time to enjoy the outdoors and share it with family and friends. It’s also an opportunity for reflection when we perhaps better see the forest from the trees.

    As wealth managers at Newport Private Wealth we encourage our clients to reflect on personal, family and business goals. Some questions to ask are: Where do you see yourself in five years? What obstacles or challenges do you need to overcome to get there? What is the greatest risk to your financial prosperity?

    If retirement is part of the plan, are you on track? Is your personal balance sheet up to date? Have you recently done financial projections to test your plan (see summertime offer to crash test your retirement plan)?

    If you are a business owner, how current is your business plan? Should you re-examine your growth strategy, target an acquisition or plan for succession? Do you even know what your business is worth should a suitor come knocking?

    For me, summer is the best time of year to share quality family time. It’s a great opportunity to reinforce family values, strengthen ties and build on shared experiences that are, frankly, priceless.

    For most of the year we get caught up in the details of managing our lives. At Newport Private Wealth, we structure and manage investment portfolios, plan to minimize taxes, prepare effective estate plans and generally help our clients manage their financial affairs. Our job is to plan and implement strategies to help our clients achieve their objectives. Defining those objectives is critical to the success of any plan and should be considered thoughtfully at a time when the mind is less cluttered.

    During these dog days of August, take some time to consider some of the more important questions towards achieving success in your personal, family and business life.

    What value will you pass on?

    i-723bb811f5e412b13cc466ce1e4d0c4e-passing-the-torch_54296.jpgLast week, our team met with Julie A. Morton, PHD, a certified mediator, family business coach and change management specialist for high net worth families. Julie is one of only a handful of individuals in North America holding a PHD in Communications with a sub-speciality in Creative Problem Resolution – which is to say she knows a lot about how families can function and communicate more effectively.

    We discussed the challenges affluent families face in raising children and influencing grandchildren in an environment of luxury and plenty. Many of our clients share with us their disquiet about the impact of wealth on future generations. We asked Julie to share her perspective on the subject through this guest blog.

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    Who’s minding the store?

    An article in the Globe and Mail by Wallace Immen; “Getting serious about succession” discusses the difficulties faced by many businesses in ensuring there is a process in place to groom future leaders of the company.

    What about entrepreneurs? It’s not that simple when leadership also involves owning the company!

    Recently, McKinsey Quarterly published an article, “The five attributes of enduring family businesses”; which describes the succession pitfalls faced, specifically, by family businesses. According to research, “less than 30 percent of family businesses survive into the third generation of family ownership. Those that do, however, tend to perform well over time compared with their corporate peers”.

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