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Forward by Roy O. Williams: "Franco has written an inspiring, self-reflecting book on the communication breakdowns in families and the transfer of wealth. Franco’s compassionate stories are intertwined with the psychology of his experience and those of his clients. The stories and related experiences are well articulated and designed to motivate and make family leaders aware of the blind spots they may have. The White Elephant is a great idiom most will recognize and relate to. My perspective is that Great White Elephant will become a wonderful tool for making family leaders aware of the gaping and grasping hole in most estate plans, worldwide."
What if the whole process of succession planning and wealth transition began with a discussion design to help a client identify the Great White Elephant™ in their own nuclear family? What if such a discussion supported that family in naming, owning, even embracing the Great White Elephant™ for all that it is, as opposed to continuing to ignore it in the hope that it goes away? What if succession planning and wealth transition advisors, perhaps even their whole profession shifted its focus from the “top of the table” planning —which deals with the “valuables” of a family’s wealth in favor of first dealing with the and incorporated the family’s “values” and their Great White Elephants?
If such a switch in approach and emphasis were to happen, what would the outcome look like for the client families and the professionals that serve them? Well, certainly it would be bit more anxiety provoking, since both advisor and clients would have to be willing to address the unspoken feelings and unaddressed issues which exist as emotional undercurrents below the smooth surface of the table top.
The proverbial Great White Elephants would have to be brought into the light and fully discussed. There are five distinct components to a conversational process that when applied to a succession planning and wealth transition plan will greatly reduce the chances of failure. Collectively, these five components are what represent “Best Practices” in those families we have had the privilege of serving. When these five steps are taken and fully implemented, the rate of success with the succession planning and wealth transition process greatly increases for you and your family since values as well as valuables have been taken into consideration.