When business owners start a new venture or seek out funding, they always create a detailed business plan first. But chances are, most parents have never once thought about creating a similar type of plan for their most important asset: their families.
Your family may not be a business, but clearly it can be a good idea to foster it like good business owners do with their companies. By taking steps to formally identify your family’s values and goals, as well as to assess the quality of the relationships you have with each other, you can start to strengthen existing bonds—and repair any bridges that are in bad shape. By actively working together toward family goals, you can instill greater resiliency, competency and life skills in your children.
Here’s why it’s so important to create family plans along the lines of highly successful business plans—along with actionable advice for creating these plans in your own life.
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Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail firstname.lastname@example.org.
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