When it comes to your finances, there are four different resources you typically need to shield and grow your current and future capital. These resources include a certified public accountant (CPA), an estate planning attorney, a risk-management specialist, and a financial advisor. When in sync, this team can provide a solid platform of expertise that you can leverage to attain financial stability. At Pathstone, we like to refer to this team as the “Four-Legged Stool,” where each of these four professionals serves as an individual leg supporting you and your family so that you have a level and steady seat to work from as you work towards your goals.

A founder of a family business is often not only the driving force behind that business, but also the steward for the family’s trusts, philanthropy, property and, ultimately, the family legacy. Like the spokes of a wheel, all of these interests together make up the family enterprise. As the next generation is brought into the management of this enterprise, most families will benefit from the skills, exercises, and practices which help to ensure the transition proceeds smoothly. Families successful with these transitions often use a third-party resource to guide them this process to encourage a thoughtful and unbiased approach.