The interpretation phase is an interactive family focused meeting comprised of three parts:
1. Educational Session
Conducted in person “workshop” format the family is presented with an interactive session on the importance of human capital development. Based on Veritage’s 3 Circle Model of behavior risk to identify gaps in current family realities and the impact of behavioral risk in family wealth transition.
Veritage will share aspects of our Money MottoTM process that will assist family members to uncover their feelings towards money and how it impacts our relationships and family dynamics. This will be looked at further in the Coaching Phase.
Learning materials and books are included in this session.
2. Assessment Findings
In addition to the education session, a presentation on the findings from the assessment will be conducted with open dialogue among the family members on the findings. The assessment portion of the interpretation serves two main purposes:
Firstly, to give the family an opportunity to understand what their potential behavioral risks are in their succession planning from a Family, Business, and Ownership perspective
Secondly, it allows for open feedback and dialogue among family members
3. Recipes for Success
Presented to the family, this will include our ingredients (recommendations) on how to move forward together, while prioritizing desired outcomes with the family. As a group, we have an opportunity to discuss in detail next steps of a family engagement, timelines, desired outcomes and breakdown of program structure is communicated to the family.
Family members participating in the Education sessions will obtain a thought provoking insight on building a robust family wealth constitution, ensuring your family remains your wealthiest asset.