Understanding Change, Empowering Family Members
Many families trace their wealth to one entrepreneurial member, and the successful family business he or she founded. Over the years as the business evolves, some family members may continue to hold primary positions in the business, while others may not. This dynamic can either be divisive, or constructive. We recognize that the transition should be empowering to all family members—both those less involved with the business, and those who ultimately assume responsibility for the business itself.
The key is recognizing, respecting and working through the tensions that such transitions often bring. At Synovus, we develop solutions that help address the broad context of family members’ concerns. With the goal of helping each family member understand that the real business of a family transcends any single asset, with each member having a vested interest in its heritage and continuity.
Cultivating Unique Values, Creating Unity
A family’s decision-making should reflect the family’s collective values. As your family grows, naturally the concerns and interests of members become more varied. We can help cultivate shared decisions about family assets, events, and purpose— essential to sustaining trust, common heritage, and belonging.
We have a deep understanding of the challenges it takes to make and communicate decisions. One of our most important roles is to facilitate decision-making with knowledge of complex family dynamics. Our experience in leadership planning, building advisory committees, and facilitating strong family governance helps identify issues and create collaboration across geographies, and generations. The result: more timely decisions with greater unity and understanding among family members.
Managing Your Family's Legacy from Generation to Generation
Managing the family legacy – which is the primary role of the family office – is far more complex than simply overseeing an investment portfolio. Passing values to the next generation, in particular, becomes essential to preserving the true legacy. We employ strategies to help you accomplish these goals, including innovative approaches to family governance.
For example, mentor trusts encourage younger members to consult with mature relatives on major financial and spending decisions. We also understand the skills required to structure family governance, bringing together diverse personalities in concert with specialized and often disparate resources— asset managers, attorneys, accountants, and insurance agents. Importantly, we never lose sight of the goal of helping members grow personally as well as helping to sustain the family’s financial legacy.