Tradition in our family is to celebrate major holidays together. Christmas we gather together in the morning with meaningful rituals. Beginning with opening our stockings stuffed with handy items like socks, toothpaste and the obligatory orange, we then move on to a full breakfast with French Toast Bake, sausage, eggs and fruit. After breakfast, the head of the house plays Santa, gifts are distributed and opened one by one. After a full morning, we dress for the holiday project which might be splitting wood, picking up liter or demolishing something. In the evening we proceed to a large gourmet dinner elaborately appointed with fine china, silver and crystal. Thanksgiving is similar minus the stockings and gifts. The fourth of July, however, is becoming the new gathering time with extended family. As we plan for this years 2020 celebration, we look to the past, present and future of the July 4th events.

I have always been a fan of history, however, with the current state of affairs, I started to contemplate how our core values may change through the times. After HBO Max decided to remove Gone With The Wind from their selections because they wanted to add “historical context”, my curiosity began. At first blush, I assumed a value is a value, but after some reflection, I concluded that the interpretation of that value can be a reflection of the changing times. Our family has determined our core values to be Family, Integrity, Knowledge and Perseverance. Let’s take a historical perspective on each one to see if they have evolved through the generations.

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.

In the midst of the Coronavirus (COVID-19), my husband and I attended a family business conference in Tampa. The virus hadn’t reached Florida until shortly after our arrival which generated alternate greetings, singing while washing hands and hand-sanitizer on every table. Not coincidentally Purell, a family business, was the sanitizer of choice. It isn’t uncommon to have an item from a fellow company adorn the table. In years past “Peeps” acted as the centerpiece the year it turned 50. But this year a utilitarian table favor seemed well suited for the event. While sitting in the main conference ballroom performing a Family Value’s exercise, I became curious about Purell’s story. What was their history, mission statement, core values and how are they managing through this crisis?

Congratulations, you have decided to form a Family Council, now what? Did the members get their position because they were family; they showed an interest; or were they selected based on predefined core competencies? Although you may now be second guessing your choices, I can tell you there is no right or wrong answer. In our case we only have first and second generation members because there isn’t anyone else. No spouses or significant others much less third generation kiddies. It didn’t, however, prevent us from determining what family council members core competencies should look like; what development activities should be considered in achieving the competencies; what on-boarding would look like for future members.

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?