Queen Elizabeth’s death marked the end of an era. At the age of 96, the Queen’s death was inevitable and expected. Upon her death, the responsibilities of the monarchy and the throne were automatically passed on to Prince Charles, now King Charles III.
Can you imagine what would happen if you inherited the throne?
Although you may never inherit a monarchy, you may inherit a business, become a CEO, or lead a family. Leadership brings many benefits, but also a lot of pressure. What are the responsibilities and considerations of a responsible leader?
King Charles III inherited a fortune of approximately $500 million. In addition, he now manages a portfolio worth $42 billion dollars, which includes the famous Buckingham Palace and the Crown Jewels. The King already has experience in managing and growing wealth, as he previously possessed the Duchy of Cornwall, which has now been passed on to Prince William.
Although the royal family isn’t the average family, they use their extensive wealth to continue to grow just like anyone else. They own property, including farms and residential properties, that earn income. Furthermore, they own fine art, a stamp collection, and of course stock portfolios. As the prince, King Charles III also founded and owned an organic food products company, which has now been passed on to Prince William.
Similarly, if you inherit family wealth, it’s essential to make a plan that will grow that wealth. With smart family governance, you can ensure that the wealth is used wisely for future generations. Although it may be tempting to spend it on travel or living expenses, inherited wealth should be wisely invested in the future. Businesses, real estate, stock, and education are just a few smart investment choices.
What will your legacy be? Who will you be known for? Both on the business and family side, you can use your wealth to make a statement and give you purpose.
Consider the recent news announced by Patagonia. Billionaire founder and former owner, Yvon Chouinard has made Earth the only shareholder. What does that mean? Any profits not reinvested into the company will now be used to fight climate change. Now, that’s a serious legacy.
There is no shortage of causes to champion. Whether for yourself, your family, or your company, you can choose to create a legacy through volunteering, charitable donations, or the creation of a foundation. Your legacy should be closely linked to your passion and what gives life meaning.
Legacy, however, is also taking care of mundane things. Did you know that up to 35% of business owners don’t have a retirement plan? Many others don’t create a succession plan to ensure a smooth transition to the next generation. Planning out these details are a legacy, a gift to your family to help them sort through the transition. Similarly to how there are rules for passing on the throne, you can make clear guidelines for passing on the family business.
Inheriting the throne is a huge responsibility, but is also an opportunity. How will you use your opportunity when it comes to you?
Do you need an expert to guide you through managing wealth and building your legacy? Elaine King can help! Book your discovery call and follow her on Facebook, Youtube, Instagram, and Twitter.
