The Lost Generation: New threats to leadership and succession planning
(Prince Charles, Sumner Redstone and Donald Sterling)
Understanding the challenges and planning strategies around new threats to leadership and succession planning in the family business in a seven generation world.
A Look at The “Prince Charles syndrome”: The impact to the lost generation’s own life plans when dealing with an older competent leader (the middle “lost generation” may never have a seat at the table they have worked their entire lives for). In a family business and in the increasingly complex common co-ownership of investment and commercial assets through family limited partnerships and limited liability companies, the increased work span of the older generation can lead to the delayed or non-existent succession of the middle (now older) generation. By the time the older generation moves on, the individual goals and plans the middle “lost generation” may have been passed by. The next younger generation wants the baton now and key stakeholders may agree to skip the “lost generation.”
Sumner Redstone, Donald Sterling and The Long Runway of Diminishing Competence: The flipside of the competence coin is the long runway of diminishing competence of the older generation who remain in control (Sumner Redstone, Donald Sterling). The impact of sustained diminishing competence of a key stakeholder to the family business is fraught with different peril than the sudden death of a key stakeholder. This can have a significant adverse impact on the “lost generation” and the survival of the family and business itself.
About the Presenter
Presenter: Patricia Annino, Esquire
TItle: Partner, Trust and Estates Group
Organization: Rimon Law PC
Patricia M. Annino is an attorney and partner with Rimon, P.C. in Boston, in their Trust and Estates Group. She previously chaired Prince Lobel’s Estate Planning and Probate Practice Group. She is a nationally recognized authority on estate planning and taxation, with more than 30 years of experience serving the diverse needs of families, individuals, and owners of closely held businesses.
Patricia has been a Board member at The Family Firm Institute (FFI) since 2014 and has been a speaker at FFI’s Global Conference for the past 3 years, including next month’s conference in Chicago. She is a frequent contributor to the FFI e-publication, The Practitioner. She has been voted by her peers as one of the Best Lawyers in America (trust and estates), a Super Lawyer, a top 50 Massachusetts Female Lawyer, Boston Estate Planning Council’s Estate Planner of the Year and the initial recipient of EuroMoney/Legal Media’s “Best in Wealth Management-USA” award.
Ms. Annino has presented nationally to high-level donors and trustees of hospitals, museums, and other nonprofits, as well as private banking clients, owners of closely held businesses, and alumni organizations. She has spoken to various groups about her book, Women and Money: A Practical Guide to Estate Planning, and was interviewed by Family Business Wiki Newsletter in May, 2013. Patricia also writes a monthly column for CPA Insider, a newsletter sent to more than 160,000 CPAs and other wealth managers and advisors.
A leading voice on estate planning matters, Ms. Annino has been quoted extensively in a wide variety of local and national publications including the Wall Street Journal, Barron’s Dallas Morning News, Chicago Tribune, MarketWatch, Investors.com, and Women’s Business Journal. She has acted as the estate planning consultant to the independent investment research provider, Morningstar, and has been interviewed on Bloomberg Television.
Patricia is a graduate of Smith College (A.B.), Suffolk University School of Law (J.D.) and Boston University School of Law (L.L.M. in Taxation). She is a Fellow of ACTEC (American College of Trust and Estates Council), a member of the Board of Directors of the Family Firm Institute (FFI), the Board of Directors of Business Families Foundation (BFF) and the Advisory Board of the Indiana University Women’s Philanthropy Institute.