Scott Beach, chair of Day Pitney's Family Office Practice, was quoted in an article entitled "Less Than 20% of Family Offices Have Robust Succession Plans," published by Private Asset Management. The article reports on findings from a PwC survey of U.S.-based families indicating that only a small percentage of family businesses have a "robust succession plan" in place.
"Families absolutely take it seriously knowing the need for a robust succession plan, but realizing the need and putting together a well thought out and detailed plan is a different story," Beach told Private Asset Management. "There is clearly an emotional aspect in facing the inevitability of departing from the business, especially if it is the patriarch and wealth creator who built the business. They often have difficulty with no longer being in control and coming to that reality," he added.
The article also notes the challenges that families face when identifying leaders in subsequent generations. "Sitting down with the family and discussing with them a plan for the succession of the family business and the operations of the family office are very difficult decisions and for many families there is a reluctance to face the realities of that contingency planning," said Beach. "Once those plans are in place and devised another challenge we see for our clients is communicating those intentions and plans to the next generation. Communication to the family and non-family executives is so important before the events triggering the succession plan become reality."
On July 15, Angela Titus McEwan and Von Sanborn will be speaking at a Family Governance Symposium presented by the New York State Bar Association and held in New York City.
Stephen Ziobrowski, Carl Merino and Seth Mersky co-authored an article, "IRS Clarifies Foreign Partner Withholding Rules," which was published on WealthManagement.com and distributed in Trusts & Estates magazine's weekly e-newsletter, The Estate Planner.
On June 7, Tina Albright will be speaking on a panel, "Family Office & Next Gen Planning," at the Transcontinental Trusts International Forum in Bermuda.
On June 6, Von Sanborn will serve as the moderator at an Opportunity Zones program presented by the National Association of Corporate Directors (NACD) Connecticut Chapter and held at the Shore & Country Club in Norwalk, CT.
Dan Gottfried spoke on a panel, "The Qualified Business Income Deduction for Real Estate Investors and Professionals," at the 31st Annual Real Property, Trust and Estate (RPTE) National CLE Conference, presented by the American Bar Association and held in Boston, MA.
Day Pitney's Family Office practice has been selected as a finalist in the Family Offices—Client Initiative category of the 2019 Wealth Management.com Industry Awards for the Day Pitney Family Office Investing SeriesTM.
Day Pitney Press Release
Tina Albright and Rebecca Tunney were quoted in an article, "USA Update: Engaging Women in Wealth Management," published by Citywealth.
Daniel Gottfried, chair of Day Pitney's International Transactions practice was quoted in an article, "Who Can You Trust in the Cryptocurrency Economy?," published by the Robb Report.
Jared Ross was quoted in an article, "Ultra-Rich Scout Direct Real Estate Investments," published by Banker & Tradesman.