Shoemaker with shoes

Asta Jovaišienė

There are probably no clients left among us who have not heard about the Family Constitution. On this topic, we have read a huge number of books, taken part in various trainings and conferences, and have already helped more than one family to prepare a succession plan. However, if some time ago you had asked whether the rule “the shoemaker’s children go barefoot” applied in my family, the answer would have been YES. And I decided to change that.

To be fair, this did not turn into a revolution in my family. For some time already we had been unconsciously preparing for it: in the evenings, when the house quieted down, my husband and I would talk about our dreams and plans, and that inevitably touched on our children. The question we discussed most often was: what would we like to pass on to our children, what could they inherit from us? Of course, it would be easy to answer if we had only material assets in mind. But we were interested in other things – our values, experiences, knowledge, skills – something intangible, but no less useful than physical goods. For example, I am an investment expert and I can teach them how to manage their personal budget, pursue set goals, save, invest and successfully work with inherited assets. And my husband works in manufacturing and gladly talks about the subtleties of creating a new business, the processes, their optimisation and technologies. In this way, gradually, without putting pressure on ourselves in terms of time and agreeing in harmony, we made a list of assets – both intellectual and material – which is usually where writing a Family Constitution begins.

The next step was to talk with our children. When preparing a succession plan, it is recommended to do this as early as possible, before future heirs choose their life path or when they are seeking to retrain. First of all, these conversations are valuable not only for carrying out an “inventory” of the current situation – what, according to the list, we already have in our family and what still needs work. They are also especially useful for hearing how each family member sees their own future. For example, perhaps there are those who would like to be responsible for the family’s real estate investments, or those who would gladly open their own company and develop an activity close to their heart. So, little by little, consistently, in a friendly way and without chasing templates, a common denominator is sought between the interests of parents and children and, once it is found, you move on to an action plan.

Drawing up an instruction for implementing the goals set is just as important a “leg” of the Family Constitution as the goals themselves. That is why it is very important that all family members participate in creating it. We, again choosing the path of evolution, agreed that I would be responsible for quarterly lectures for the young people on economics, finance and investment topics, and on the children’s side there came a proposal that in the summer they would gladly do an internship at the factory. Also, once a year we will hold a meeting dedicated to discussing the relevance of the goals, the effectiveness of the action plan and the progress. When planning succession, this is formally called a Family Council or assembly.

So then – in our family the easy part is done, and now Life is coming. At least for now we see that the children are interested in getting involved in “adult” topics, and for the adults it is easier to nurture and communicate what is truly important to us. That is what the Family Constitution is about. In the future I will definitely tell you how it goes. In the meantime, I have a question for you – what experiences, knowledge and skills would you like your children to inherit from you?