Growing up in Chicago I enjoyed the hustle and bustle of activity. The Sears Tower, Michigan Avenue and shopping at Marshal Fields were all part of my childhood. After meeting my husband in Atlanta, we bounced around the United States from NYC to Boston. We settled in a suburban town outside of Cincinnati to raise our children. An upper-class golf community where driving to the club via golf cart was the norm. I was selling luxury real estate in fancy dresses and heels, while my husband ran his engineering company donning his Robert Graham pressed shirts. We were living the dream.

During the Pandemic of 2020, I first heard this quote, “Never let a good crisis go to waste” by Winston Churchill. But what exactly does that mean? Immediately referring to a dictionary, it revealed the definition of a crisis, a time when a difficult or important decision must be made. Synonyms included words such as crossroads, turning point, critical point and moment of truth. The statement, the moment of truth, took my breathe away. But the second part, waste, it is defined as an act or instance of using or expending something carelessly, extravagantly, or to no purpose. Antonyms include flourish, thrive and purpose. So my thoughts concluded, how do we use the Pandemic Crisis of 2020 as a moment of truth with a purpose in order to flourish and thrive? Change is never easy, but during a time of crisis, change is crucial if not mandatory. Life as we know it will never be the same after COVID-19. We casually talk about the new normal, but has that really been understood? As the moment of truth is being uncovered, what is really important to us? Health, Sustainability, Family, Legacy?

You didn’t plan for a pandemic? Wasn’t the last pandemic the Spanish flu in 1918, almost one hundred years ago? Actually that is not true; the Zika virus was more recent and still present today. Most of us remember the Swine Flu from 2010 or the Ebola outbreak. This one, however, is tanking the economy and forcing the governments to issue “stay-at-home” orders globally. But epidemics are not something new. There is even a prehistoric case from 5000 years ago. Archaeologists found remains of bodies stuffed in a house which was burned. A virus that spread so quickly they did not have time for a more appropriate burial. So why didn’t your family or business have a contingency plan for something that actually happens quite frequently? No, not a pandemic, a crisis.

Although most family patriarch’s have wills and many have worked with a financial advisors or family offices on estate plans, a typical family doesn’t cultivate a strategic plan for future generations. Consider the statistic, 70% of all wealth transfers fail after one generation and 97% fail after three generations. That nest egg you built over your life, no matter how big or small, disappears shortly after you do. Historically 86% of families consider it more important to leave values and life lessons as inheritance. Unfortunately, financial advisors don’t ordinarily touch on non-financial legacy. For those who have a plan, 90% believe it doesn’t deal with their goals, wants and objectives. But is it essential to have a strategic plan, how is one created and who do you turn to for advice?

Our family’s journey started five years ago when we bought Belle-Hampton Farm. We have since restored the Bank Barn, the Cottage, the General’s Store and now the Belle-Hampton House. All the structures are historic landmarks which takes time and thought to the planning the renovations. But did we actually restore the structures or renovate them? And why is it important to preserve the historic structures?