Do you have a Chief Legacy Officer?

No, that’s not a mistake in the title. But we wouldn’t blame you for thinking that, because Chief Legacy Officers are a relatively new idea. We get lots of feedback about how much the “values and vision” concepts in our blogs resonate with readers. We can imagine though, that with everything else that’s going on in your life, it can be difficult to implement some of those ideas as effectively, efficiently and directly as you’d like. That’s where the Chief Legacy Officer comes in. The idea behind the “Chief Legacy Officer” originated from the Family Office Exchange. It’s an idea that we’re enthusiastic about because a Chief Legacy Officer is to values and vision, what a CEO is to executive decisions, and a CFO is to financial decisions. We firmly believe that decisions about values, vision and mission play as crucial of a role in your business and family office as the executive and financial decision-making aspects. After all, there needs to be a driving reason behind making those executive and financial decisions.

A Chief Legacy Officer can help to define governance structures, and can be designated to implement some of the important concepts that we’ve discussed in past blogs such as engaging and educating the next generation. This isn’t a fluffy role; it should be taken just as seriously as the selection of a CEO and CFO. However, one difference to consider between those roles and a Chief Legacy Officer is that experience isn’t always an asset. Leaving this role to the first generation can have risks. Incorporate the second and third generation’s views. The first generation’s take on all of this is great, but it will fade with them if the younger generation’s views are not also considered. Incorporating a Chief Legacy Officer gives you the opportunity to focus attention and energy on all angles of your family business and estate—not just the obvious ones.

Previous
Previous

Phases of Addiction to the Family Business

Next
Next

Values