Callahan Family

Learning new conversation skills aligns family members around a shared purpose for wealth.

Pre-Family Coaching

Meet the Callahan family. The patriarch, who has second-generation wealth, wants to make sure his children will stay together following the wealth transition. He wants to know that all his offspring and their spouses can work through the natural challenges inherent in significant wealth, such as how to have conversations when they don’t all agree.

There are offhand judgmental comments made regarding childrearing. Two siblings believe the third received more financial resources than they did, including money to start a business and financial help after a divorce. The third now lives in a large home far beyond her income level.

Dad communicated a mixed message when he said he wanted each child to pursue their dreams; however, when those dreams did not pay for their lifestyle, each would have to return to the well in what they called “the walk of shame.”

The patriarch wanted to be sure they were all on the same page regarding the purpose of wealth and philanthropy and believed creating a family foundation would be a great way to ensure the family stayed together.

Post-Family Coaching

The family established a co-designed Family Wealth Mission Statement that incorporates their philanthropy. Each sibling and their spouse now have a more relevant reason to increase their awareness and responsibility to track their spending as it is tied to a larger purpose of ensuring future generations have the same opportunities. The next generation developed individual plans for increasing their net worth while contributing to philanthropic endeavors that expand the family’s identity in the community. Additionally, they now have regular family meetings to discuss how they are contributing to the family mission statement.

*Family name was changed to honor their privacy