Have the Legacy Conversation Early
One key to success is to have the conversation early. It allows the next generation to become aware of the race and prepares them to run when they receive the baton. If they do not know to run, the passing of the baton will not be a smooth transition. Steve mentions his first moment of really having the conversation with his father was when he went to college. He discusses how his dad supported him and encouraged him to pursue his passions and seek new opportunities to find himself. To fully engage in the college experience and make it entirely about self-development.
Generational Wealth Provides an Opportunity to Take Risks
While generational wealth is a great asset, Steve views it more as an opportunity. He notes it should be used as a safety net to empower opportunities in life and own your legacy, not simply consumed. By having this safety net, the next generation is armed with the power to take risks without the same opportunity cost as others. This is to be recognized, celebrated, and acted upon. Going back to the relay race metaphor, when you pass the baton, you want the next person to keep the lead or increase it. Standing there to admire the scenery from the top is a waste of the lead.
Focus on Owing Their Legacy, Not Yours
Steve said the goal is to be at the “TOP” of the podium at the end of the race. To do that, you need to combine talent, opportunity, and passion. Focus on helping the next generation find their talent and passion. Keep in mind that their talents, opportunities, and passions are not always the same as those before them. Ask what interests them. Ask how you can be a good mentor.
The Amount of Success Depends on How You Measure It
How do we define success or winning the “relay race”? Success is not based on whether the amount of money increased or decreased during one’s lifetime. Success is measured by one’s happiness and fulfillment in life. Steve stresses the importance of having this conversation early so you can help plan for passing the baton to the next generation and share in the enjoyment as they find what fulfills them.
In case you missed it, here is a link to the full replay. If you have any questions or would like to succession planning, please contact us.
Please see the PDF version of this article for important disclosures.