Family Office & Trust Services Referral Case
Client Background – Mr. Chung
- Age: 64
- Occupation: Second-generation leader of a family-owned manufacturing business
- Family Status: Married with 3 adult children (all married); youngest daughter (35) recently welcomed her third child
Succession Challenges & Objectives
Planning to retire, Mr. Chung seeks to transition the family business smoothly while addressing the “shirtsleeves-to-shirtsleeves in three generations” risk. His key concerns:
1. Eldest Son: Unmarried, disinterested in the business, with a history of personal conduct issues.
2. Second Son: Actively involved in the family business and entrepreneurial ventures; married with 4 children; pragmatic and experienced.
3. Youngest Daughter: Overseas-educated, attempted entrepreneurship before focusing on family; retains business aspirations but lacks recent experience.
Mr. Chung prefers the second son as successor but worries about:
- Daughter’s Expectations: Potential friction if co-managing (e.g., “practitioner vs. theorist” dynamics).
- Family Harmony: Balancing fairness with business viability.
Professional Intervention & Solutions
A family office advisor team provided three-pillar support (legal, governance, emotional):
1. Family Constitution
- Defined core values and operational principles to guide future generations.
- Created a “modern family creed” to foster unity and accountability.
2. Family Council Facilitation
- Structured dialogues to align roles, expectations, and a fair succession plan (e.g., equity distribution, decision rights).
- Addressed latent conflicts (e.g., mismatched capabilities/ambitions among heirs).
3. Trust Structuring
Established a family trust to:
✓ Protect assets from external risks (e.g., eldest son’s liabilities).
✓ Retain control while enabling phased transitions.
✓ Pre-set distributions (e.g., living allowances, inheritance terms) to prevent disputes.
Outcomes & Insights
Mr. Chung valued the advisor’s neutral mediation and big-picture perspective, which:
- Reduced emotional tensions by depersonalizing decisions.
- Delivered a dual-focused roadmap for business continuity and family legacy.
The integrated plan achieved:
✅ Business Preparedness: Clear succession framework.
✅ Family Cohesion: Shared vision across generations.
(Note: Case specifics are illustrative; solutions require customization.)
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