Latest news with #familylegacy
Fast Company
9 hours ago
- Business
- Fast Company
Preserve your legacy by connecting your investments to your goals
As we've been reminded during recent bouts of economic uncertainty, the capital markets are indifferent to your individual circumstances. So why engage in the futile endeavor of trying to outperform them every quarter or year? I often pose this question to entrepreneurs and business owners who've spent a lifetime creating wealth by focusing on what they can control. Before placing your life's work at the mercy of unpredictable markets, consider this: Is your wealth sufficient to achieve your goals and aspirations, including the preservation of your legacy? In our book First Generation Wealth: Three Guiding Principles for Long-lasting Wealth and an Enduring Family Legacy, my co-author, Robert, and I argue that the real risk isn't your portfolio's volatility. The real risk is the potential for family discord arising from wealth that isn't aligned with your needs, wants, and values. That's why I often refer to a straightforward, intuitive wealth allocation framework originally outlined by Ashvin Chhabra, former chief investment officer of Merrill Lynch Wealth Investment. In his book, The Aspirational Investor, Chhabra challenges the one-size-fits-all approach to portfolio management and offers a system for aligning wealth with purpose. His model defined three strategic buckets for wealth management: funding, lifestyle, and optionality. This foundation better reflects the entrepreneurial mindset, but Robert and I believe it should include a fourth bucket. So we came up with FLOE: funding, lifestyle, opportunity, and exponentialism. This evolution captures the full spectrum of needs and ambitions across the lifecycle of a wealth creator—from preserving liquidity to sustaining lifestyle to seizing new opportunities to leaving a lasting legacy. It invites you to ask: What's the purpose of my wealth? How long will I need it? Who is it ultimately for? And where might the next chapter of my entrepreneurial journey lead? Let's explore each bucket. FUNDING: THE BEDROCK OF PEACE OF MIND The funding bucket is your foundation. It ensures you have sufficient liquidity to meet essential cash needs over the next two years—enough time for markets to recover from most temporary shocks. Think about the Covid-19 selloff of spring 2020 or the volatility following the U.S. tariff changes in early 2025. Without enough reserves, investors in these moments were forced to sell assets at distressed prices, turning temporary losses into permanent ones. For this bucket, consider investing in cash or near-cash instruments. It isn't about growing wealth; it's about buying time and calm. With this buffer in place, you gain the clarity to make patient, opportunistic decisions elsewhere in your portfolio. This aspect of wealth management supports your desired standard of living for the next 15 to 20 years. It's smart to have a diversified portfolio of stocks, bonds, and alternative assets that can generate returns above can also support annual withdrawals needed to refill your funding bucket over time. This is the engine that powers day-to-day life. Success here depends on disciplined asset allocation, cost- and tax-efficient execution, and a longer-term mindset. It's a balancing act. Take too little risk, and your capital may not last. Take too much, and you risk shortfalls at the worst possible time. Understanding the difference between your capacity and willingness to take risk is essential. OPPORTUNITY: KEEPING THE DOOR OPEN TO POSSIBILITY This bucket is especially relevant for entrepreneurs. Even after one successful venture, many find themselves drawn to new opportunities, whether it's investing in a startup, launching a new company, or backing an innovation that excites them. The opportunity bucket captures the spirit of possibility. It reflects your openness to reinvention and risk-taking—even when you no longer 'need' to take risks. Allocating here requires intentionality. This bucket should only be addressed after your funding and lifestyle needs are met. But for those who still have the appetite and the vision, it can be a space for bold moves, new ventures, and transformative ideas. EXPONENTIALISM: CAPITALIZING ON A GENERATIONAL HORIZON This final bucket focuses on the legacy you intend to leave behind—what we call 'exponentialism.' These are assets with an infinite horizon, designed to grow and compound across generations. Think generation-skipping trusts or family foundations, powered by long-dated investments in private equity, venture capital, or the family business itself. These are often high-risk, illiquid positions with significant upside—and downside—potential. As Victor Haghani and James White highlight in The Missing Billionaires, families often miscalculate their allocations here, underestimating the difficulty of managing concentrated bets over time. But when this bucket is sized properly—after your funding, lifestyle, and opportunity goals are set—it becomes a powerful instrument for generational impact. And let's be clear. Legacy isn't only about financial capital. It's relational, educational, and principled. It's the values you pass on. Protecting this bucket means affirming that what you leave behind should reflect who you are and what you stand for. In First Generation Wealth, we write: 'Wealth does not equal legacy. Without intentional stewardship, wealth is merely a number.' The FLOE framework brings that stewardship to life. It invites you to move beyond optimization and into purpose. By mapping wealth to clearly defined goals, you can gain clarity and resilience, which is essential during uncertain economic times. When your strategy is grounded in what matters most, you're not simply riding out the waves of the market. You're steering toward a future of your own design.
News.com.au
6 days ago
- Sport
- News.com.au
Sports stars who are following in their legendary parents' footsteps
Romeo Beckham, 22, had a short lived stint playing for Brentford B in the Premier League Cup in the UK. Picture: Crystal Pix/Romeo Beckham and dad Sir David Beckham. Picture: Carl Recine - FIFA/FIFA via Getty Images 31-year-old Billy Walters plays for the Brisbane Broncos. Picture:Billy Walters on left with his dad Kevin Walters. Picture: Sam Ruttyn Western Bulldogs player Tom Liberatore. Picture: Mark Stewart His dad Tony Liberatore also played for the Western Bulldogs (and before the club was renamed, Footscray) in a career that spanned three decades from 1986 - 2002. Picture: Michael Dodge/News Corp Australia Darcy Moore of the Collingwood Magpies. Picture: Dylan Burns/AFL Photos via Getty Images Dad Peter Moore also played for Collingwood in the 70s and 80s. Picture: Herald Sun Now retired from professional football, Mitchell Pearce, son of NRL great Wayne Pearce, played NRL football for the Newcastle Knights and Sydney Roosters during his career. Picture:Mitchell Pearce with his dad Wayne Pearce. Picture: Justin Lloyd. With one of the most recognisable surnames in car racing, Mick Schumacher comes from a family entrenched in racing - he's the son of Michael Schumacher, nephew of Rolf Schumacher and cousin of David Schumacher. Picture: Andrej Isakovic/AFP Mick Schumacher pictured as a boy with his dad, who hasn't been seen in public since sustaining a brain injury during a ski accident in 2013. Picture: mickschumacher/Instagram Four time grand final winner, Penrith Panthers' Nathan Cleary. Picture:Nathan Cleary, 27, is a four time grand final winner for the Penrith Panthers, with dad and ex NRL player Ivan as his coach. Picture: Supplied Dad Ivan Cleary, left, has coached the Panthers since 2019. Picture: Jeremy Piper/News Corp Australia Brisbane Lions player Josh Dunkley . Picture: Michael Willson/AFL Photos via Getty Images His Dad Andrew Dunkley played for the Sydney Swans from 1992 - 2002. Picture: Brett Faulkner/News Corp Australia Though he now plays in the Super League, rugby league player Tristan Sailor played for the Broncos just like his dad Wendell Sailor. Picture:Wendell Sailor and son Tristan back in 2016. Picture: Simon Bullard/News Corp Australia Having only made his first grade debut, Jed Stuart of the Raiders is the son of Canberra Raiders coach Ricky Stewart. Picture:Jed and Ricky Stuart. Picture:
Yahoo
11-07-2025
- Sport
- Yahoo
Like father, like son: Why so many MLB draft prospects follow in dad's footsteps
Jackson Holliday, right, of the Baltimore Orioles talks with father Matt Holliday, second from left, and brother Ethan Holliday prior to a 2024 game between the Baltimore Orioles and the Boston Red Sox. (Daniel Shirey / MLB Photos via Getty Images) Before Jerry Hairston Jr. became a voice of the Dodgers, that buoyant broadcaster on Spectrum Sports Net LA putting a blue-tinged spin on pregame and postgame analysis, he was a Major League ballplayer for 16 seasons. The name Hairston is synonymous with baseball, Jerry and his brother Scott the third generation of men whose livings were made on the diamond. Advertisement Their father, Jerry Hairston, played 14 big league seasons through the 1970s and '80s. Their uncle John was a ballplayer. And their grandfather, Sam Hairston, was a career .300 hitter in the Negro American League in the 1940s. The lineage between the lines benefited Hairston Jr., who leaned on his dad for advice whenever he struggled at the plate. "If things aren't going the right way or if I feel passive or uneasy at the plate, I definitely give him a call," Hairston Jr. said in 2011, shortly before joining the Dodgers for the last two years of his playing career. Read more: Robots are closing in! MLB to use Automated Ball-Strike challenge system during All-Star Game Advertisement Following a father's footsteps into a family business is a tried and true path. And it's become increasingly frequent in baseball. Nearly every fan knows that Ken Griffey Jr.'s father was a cog in the Big Red Machine, that the son of San Francisco Giants star Bobby Bonds is the all-time home run king, that Prince Fielder's dad, Cecil, was an equally prolific slugger. But the MLB draft — which will be held Sunday and Monday in Atlanta as part of the All-Star Game weekend — will feature a plethora of familiar names. Will any of them blossom as quickly as Bobby Witt Jr., the Kansas City Royals superstar whose father pitched for six MLB teams in 16 seasons? The No. 1 prospect in this year's draft as ranked by MLB Pipeline is Ethan Holliday, an infielder from Stillwater High in Oklahoma. The name should sound familiar because Ethan's brother, Jackson, was the first overall pick in the 2022 MLB draft by the Baltimore Orioles and already has secured the starting job at second base. Oh, and their father, Matt Holliday, was a seven-time All-Star who batted .299 with 316 home runs over a decorated 15-year career with the St. Louis Cardinals and Colorado Rockies. Advertisement "My dad's never been never put pressure on me, Jackson's never put pressure on me, nor my mom," Ethan Holliday told Nice Kicks. "Nobody's ever put pressure on me to play the game. I just fell in love with it and I love playing. I love training. And like the pressure and expectations —those things have kind of always been there since I was really little with my dad playing in St. Louis and playing youth baseball there." Read more: Shaikin: Dodger Stadium gondola closer to reality? Sacramento might help Team McCourt The fathers of other highly regarded prospects in this year's draft may not be as much of a household name as Holliday. The No. 5 prospect is Eli Willits, a shortstop from Fort Cobb-Broxton High in Oklahoma whose father, Reggie Willits, was an Angels outfielder from 2006-2011. Two uncles of Quentin Young, the No. 37 prospect from Oaks Christian High in Westlake Village, were first-round picks who grew up in Camarillo: Dmitri and Delmon Young. Cade Obermueller, a left-handed pitcher from the University of Iowa, is the No. 53 prospect. His dad, Wes Obermueller, was a second-round pick out of Iowa in 1999 and pitched in five MLB seasons. Advertisement Dodgers coach Dino Ebel made it to triple-A as a player and is regarded as one of baseball's best third-base coaches. His oldest son, Brady, a shortstop from Corona High, is the No. 64 prospect and should be available to the Dodgers, who have the Nos. 40 and 41 overall picks, the latter from the Gavin Lux trade to the Cincinnati Reds. Brady will play for College World Series champion LSU if he isn't drafted high enough for his liking. A player who rivals the Hairstons for MLB family ties is Cam Leiter, a right-handed pitcher from Florida State and the No. 114 prospect. His uncles Mark and Al Leiter combined to pitch in more than 750 MLB games and his cousins Jack and Mark Leiter Jr. are current MLB pitchers. Cam's dad, Kurt Leiter, advanced to double-A with the Orioles. Jayden Stroman, the son of 11-year MLB veteran pitcher Marcus Stroman, has taken a different path than his dad, emerging as the No. 130 prospect as an outfielder after playing at three different high schools. Read more: 'We have to do better.' With trade deadline looming, Dodgers' skid raises questions Advertisement Draft-eligible players not ranked among the top 200 whose fathers were MLB stars include Kaeden Kent, Brady Counsell, Max McGwire, Manny Ramirez Jr. and Carsten Sabathia. Kent is a left-handed hitting infielder from Texas A&M whose dad Jeff Kent was a power-hitting second baseman with the Dodgers and Giants for 17 years. Counsell's dad, Craig, played 16 years and is now manager of the Chicago Cubs. McGwire's dad, Mark, hit 573 home runs and Ramirez's dad hit 555. Sabathia's dad, CC, will be inducted into the Hall of Fame in a couple weeks. That's a lot of familiar names, but hardly an anomaly. Last year nearly 40 draft picks had a close relative with an MLB pedigree. The first three rounds of the 2025 Draft will be broadcast live Sunday, with a pregame show at 3 p.m. PDT on MLB Network and ESPN. Rounds four through 20 will be streamed Monday on beginning at 8:30 a.m. Get the best, most interesting and strangest stories of the day from the L.A. sports scene and beyond from our newsletter The Sports Report. This story originally appeared in Los Angeles Times.
Yahoo
06-07-2025
- Business
- Yahoo
Walter Clayton Jr. hits from way downtown
Newsroom Ready: Second-gen immigrant business owners balance cost and family legacy Amid economic uncertainty, some second-generation immigrant business owners say they're balancing the financial challenges of keeping their business afloat with their desire to honour their parents' sacrifices. Jeanette Liu and her sister Joanna own Yueh Tung, a restaurant in Toronto. They took it over six months ago to let their parents retire, while also ensuring their parents wouldn't have to face the impact of U-S tariffs and the lingering effects of the pandemic. (July 4, 2025) 1:31 Now Playing Paused Ad Playing
Daily Mail
30-06-2025
- Business
- Daily Mail
Cult classic candy loved by Midwesterners faces death after 96 years
The future of Valomilk candy cups — the gooey, chocolate-and-marshmallow treat beloved by generations of Midwesterners — is in limbo after 96 years. Russell Sifers, the 77-year-old Kansas native and fourth-generation candy maker, says he's looking for someone to carry on the legacy of his family's iconic candy — but finding the right steward hasn't been easy. The milk chocolate cup with marshmallow filling has been a fan favorite treat for Midwesterners since 1931, once described as 'the 5-cent candy bar with the 50-cent taste.' It was first created after a marshmallow mishap in the factory. With its nostalgic red-and-white packaging and handmade quality, Valomilk has resisted the trend of flashy rebrands and limited-edition gimmicks. Instead, it's remained a rare find — often sold at select retailers or Cracker Barrel, until the chain recently dropped it due to quality-control issues with melted stock. Russell told The Kansas City Star there had been a 'changing of the guard in the candy business,' one that Valomilk doesn't have. Valomilk has also kept its original style while watching brands create and relaunch items such as PB&J sandwich M&M's and Salted Caramel 'I'd like to find a proper steward. Somebody who can take care of our simple little candy bar — bring it back, improve it, whatever,' he said. Russell has always been fond of retelling the story of his family's start in the candy business. It began in 1903, when his great-grandfather Samuel Mitchell Sifers began selling candy in Iola, Kansas. He moved into a now torn down Kansas City building in 1916 and discovered the potential of marshmallow candy after a batch gone wrong in the 1931. With 'V' for vanilla, 'alo' for marshmallow, and 'milk' for the milk-chocolate cups, Valomilk was on the way to achieve candy greatness. Things took a surprising turn when Russell's father and grandfather sold Sifers Valomilk Candy Company to Hoffman in 1970. Russell took over the Valomilk legacy, and after nearly giving up on keeping the brand alive, he was inspired to reignite the dream after finding unused equipment 15 years after the Hoffman sale. 'I found stuff like my grandfather's copper kettles and a gas-fired cooker,' he told the Wall Street Journal. 'After I did an inventory, I said to myself, 'You know, I could start making Valomilks the way my grandfather did.' Russell managed to recreate the old recipe in 1987 and resumed production in Merriam later that year. Factory workers take marshmallow and combine it with meringue before pouring it into a mix of corn syrup, sugar, water and salt. The marshmallow is left overnight in an insulated box and poured into trays that pass by heads, providing chocolate and air to form the cup. 'I told my dad I was thinking about resurrecting the company. He died before it happened. He never got to see it,' he said. 'But he always said to me — he commanded me — if you bring Valomilks back, make them the best you know how, and don't worry about the cost. And that's what we've done.' Despite Russell's retirement, members of the Sifers family continue to work on the candy creation. Russell's son-in-law Dave Swiercinsky oversees the manufacturers on the factory floor, his wife being one of them. 'We make it fresh. But what happens after it leaves us? That's the problem,' Swiercinsky told The Kansas City Star. Relying on regional distributors, Valomilk's recent tumble came after the Cracker Barrel restaurant chain dropped them last year over complaints of melted or damaged stock. 'We were in something like 180 Cracker Barrels. Then we weren't,' Russell stated. The retiree continued by pointing out the candy industry went from a 'handshake business' to one that's 'all computers.' 'You have to have sales volume to justify that shelf space — and we don't have that. And a lot of the old distributors have been consolidated into mega-distributors, and they don't even know who I am anymore,' he claimed. Even though Russell is looking for a buyer, the family has received multiple offers to buy Valomilk, including Pearson Candy Company, the creator of Salted Nut Rolls. Other bidders that were interested in purchasing the brand include the sons of candy legend Lou Ward and Tootsie Roll, a company Russell has admired for many years. 'To find a fairy godmother like that would be great. Because people love Valomilks,' Russell stated. 'But we just don't have the capacity or the know-how anymore to get them to our fans like we used to.'
