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Northwood’s white papers cover a variety of issues surrounding family wealth. Each paper provides advice on some aspect of helping successful families properly protect, sustain, and grow family wealth and human capital. The following is a selection of white papers on private wealth management and other topics of interest to our clients, prospective clients and professional advisors.

What’s Next: Preparing for life after selling your business

Tom McCullough
2017

Many entrepreneurs are great at running their businesses but are not prepared for the transition that occurs after that business is sold. Managing an operating business and managing the wealth that the sale of an operating business can generate are two different skillsets. This article covers how entrepreneurs can prepare to make the transition from being wealth creators to being wealth owners.
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Control What You Can, Conservatively Estimate the Rest

Tom McCullough
2016

Creating an effective wealth plan involves managing a wide variety of elements, some of which are controllable (e.g. investment costs) while others are not (e.g. investment returns). This article identifies which elements are controllable and how to plan for the unpredictable elements.
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The Critical Role of Expenses in Family Cash Flow Planning

Tom McCullough
2016

Cash flow projections are an essential tool to plan for the amount of capital required to meet a family’s goals. While there are several inputs that impact cash flow projection results, expenses are by far the most important. To illustrate why, this article explores an example and also examines the impact different expense levels has on a family’s investment portfolio.
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Tips for Managing Investment Risk

Tom McCullough
2016

A family’s investment portfolio plays a critical role in helping them meet their financial goals. Unfortunately, many families take on unnecessary risk which could compromise their financial well-being. This article explores the reasons why investors take on excess risk, and steps to take to avoid these pitfalls.
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What is a Family Office?

Answers to Ten Key Questions
2016

While family offices have really come into their own in the last 30 years, the concept remains unfamiliar to many. This white paper answers some of the key questions about family offices, including what are the differences between single-family and multi-family offices, what are the range of services provided, and what benefits does a family office provide.
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Increasing the Odds of Successful Wealth Transition

Tom McCullough and Mark Haynes Daniell
Fall 2014

North America is in the early stages of a massive intergenerational wealth transfer with almost $1 trillion changing hands each year. Accenture suggests that a “great transfer” from the Depression-era generation is taking place now, but a second and even-larger wealth transfer from boomers to their will continue over the next 30-40 years. This all seems like good news, but many of these wealth transfers ultimately will be unsuccessful and will reinforce the maxim of “shirtsleeves to shirtsleeves in three generations”. To increase the odds of ensuring a successful transfer, families should incorporate three components into their planning—understanding and passing on family culture, developing and communicating family goals, and intentionally preparing the next generation.
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Family Security & Social Media

Tom McCullough and Patti Shannon
Fall 2013

Despite the benefits, social media has caused an erosion of privacy, leading to greater family vulnerability, exposure, and risks. Today’s social media users disclose a vast amount of personal information that can easily go astray, have unintended consequences, and could even be used against them. Families should recognize this new reality and work diligently to establish and maintain online privacy – especially families of wealth.
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Raising Financially Intelligent Children: Ten money questions your kids may ask you

Dr. Jim Grubman
March 2012

Long time friend of Northwood Family Office, Dr. Jim Grubman is an internationally recognized consultant, speaker, and educator, in the multidisciplinary field of wealth counseling. Using skills developed as a psychologist for over 30 years, Dr. Grubman helps families work through the natural dilemmas of acquired and inherited wealth. This white paper outlines how to successfully raise children of affluence by clearly addressing your child’s questions, helping to teach values and healthy attitudes – the foundation for good money skills.
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Risk and the Role of a Family Office: What entrepreneurs and senior executives need to know

Tom McCullough
November 2010

Creating wealth is considerably different than sustaining that wealth, particularly if you are an entrepreneur or corporate executive. The path to this particular type of sustainability can be a perilous one but a Family Office can smooth that path and ensure that it remains clear for those who will inherit the wealth.
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The Shoemaker’s Children: Why smart, successful professionals can benefit from a family office

Tom McCullough
May 2010

A few years ago, I was talking to a lawyer who was lamenting the lack of time and attention she was able to devote to her own family’s personal financial affairs. “My personal affairs never make it to the top of my in-basket,” she said. While she clearly wanted to manage her own affairs well, client issues always seemed more important – and certainly more urgent.
It reminds me of the old Scottish proverb – and its variants in many other languages and cultures – “the shoemaker’s children go barefoot.” The moral of the story is that a busy cobbler is so busy making shoes for his customers that he has no time to make shoes for his own children.
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