Resilience Skills: What You Need When the Going Gets Tough

Resilience Skills: What You Need When the Going Gets Tough

 

LUTZ BUSINESS INSIGHTS

 

resilience skills: what you need when the going gets tough

lisa strutzel,family office services director

 

You have undoubtedly heard the famous expression, “When the going gets tough, the tough get going.” Strong individuals face adversity head on, refusing to let it impede their forward progress. How do you rise to the challenge during times such as these? One way is to draw on your resilience to help you cope with life’s downturns.

RESILIENCE DEFINED

Psychologists define resilience as the process of adapting well in the face of adversity, trauma, tragedy, threats or significant sources of stress. ¹ Resilient people have the requisite traits to rebound quickly from setbacks. Instead of using hardships as roadblocks, they use them as steppingstones to a more authentic journey.

RESILIENCE TRAITS

While there’s nothing definitive regarding what’s required to be emotionally resilient, the following are some common traits resilient people possess:

 They don’t let their hardships defeat them.

Resilient people find the strength to persevere during turbulent times. They have the courage to continue where others would quit.

 They accept the situation.

Accepting adversity allows people to move forward and not expend energy on things that can’t be changed. Resilient people accept their battles and work to find the best way to deal with the situation.

 They keep moving forward.

Being resilient allows people to draw from their strengths to keep moving forward. Resilient people use their adversity as a guide to a better life.

 They stay present in the moment.

Resilient people don’t dwell on the past or fixate on the future. They focus on the situation at hand, giving it their full attention. By practicing mindfulness, they enhance their well-being and reduce stress.

 They surround themselves with supportive people.

People who are resilient strive to associate with people who are uplifting, positive and supportive. They know who they can trust to lend a listening ear. They seek people who can provide comfort and encouragement during times of suffering.

 They maintain a positive attitude.

Resilient people understand they have the power to change the narrative from negative to positive by how they interpret the situation. They have a positive mindset and can direct their feelings accordingly. They are not discouraged by their failures; instead, they frame them in a positive light.

 They engage in healthy practices.

Resilient people recognize the importance of self-nurturing and take breaks when needed. Using activities like meditation, exercising, and taking nature walks, they nourish their soul when times get tough.

BUILDING RESILIENCE

We all know people with resilient dispositions, ones who appear calm in the face of adversity. Many of us, however, don’t have the natural ability to recover from life’s challenges. The good news is building resilience is possible; people can learn the skills it takes to become more resilient.

There are various resources available to help you enhance your resiliency, ranging from customized training courses to online publications. One program, “Resilient Mind”, is offered by The Mayo Clinic and aims to teach stress management & mindful well-being. Their team believes, “You can develop resilience by learning to train your attention on more-positive aspects of your life. You use purposeful, trained attention to decrease negative thoughts in your mind and bring greater focus on the most meaningful aspect of an experience.” ²

FORTIFY RESILIENCE

This is a critical time in history – one that will affect every one of us in varying degrees of magnitude. How you cope with the stress and uncertainty of the times will play a significant role in your recovery. Now, more than ever, it’s time to take the steps necessary to fortify your resilience. It’s what will enable you to keep on going now that the going is tough.

 

[1] American Psychological Association. (February 1, 2020). Building your resilience.

[2] Mayo Clinic Resilient Mind. (n.d.). Retrieved from https://www.24alife.com/well-being-programs/mayo-clinic-resilient-mind/

ABOUT THE AUTHOR

402.763.2974

lstrutzel@lutz.us

LINKEDIN

LISA STRUTZEL, CPA, CAP® + FAMILY OFFICE SERVICES DIRECTOR

Lisa Strutzel is the Family Office Services Director at Lutz with over 14 years of past experience as a family office executive. She is responsible for assisting high-net-worth clients manage their family enterprise. 

AREAS OF FOCUS
  • Family Office Services
  • Financial Reporting
  • Philanthropy and Legacy Planning
  • High-Net-Worth Families
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
  • Chartered Advisor in Philanthropy, CAP®
  • Purposeful Planning Institute, Member
  • Nebraska Society of CPAs, Member
EDUCATIONAL BACKGROUND
  • BBA, Iowa State University, Ames, IA
COMMUNITY SERVICE
  • The Hope Center for Kids, Board President, Past Treasurer
  • CAP Advisory Board Member

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Family Businesses + How to Operate Like the Pros

Family Businesses + How to Operate Like the Pros

 

LUTZ BUSINESS INSIGHTS

 

family businesses + how to operate like the pros

lisa strutzel, family office services director

 

Family businesses are the backbone of our economy, being the single biggest job creator and accounting for over half of the U.S. gross domestic product.  While there are many benefits to running a business with family members, there are also a host of challenges.  Statistically, only one in three family businesses survives to the next generation.  So how do you position your business to be one of the survivors?  The key is to operate it like the PROS, focusing on Procedures, Roles, Outside Advisors, and Succession.

PROCEDURES

“We are what we repeatedly do. Excellence then, is not an act, but a habit.” – Aristotle 

There’s a natural tendency to operate more informally when you’re doing business with your family.  After all, if you can’t trust family, who can you trust?  Regardless of the familial tie, miscommunication and hurt feelings can result if business relationships aren’t defined.

Best Practices:

  1. Document everything: Don’t rely on verbal agreements unless you want conflict down the road. Formalize in writing contracts, operating procedures and any other issues that could be misconstrued in the future.
  2. Communicate regularly: Communication is the key to fostering cooperation, collaboration and trust-essential ingredients for a family business. Scheduling weekly meetings to analyze progress and resolve disputes is a good way to keep the lines of communication open.
  3. Operate like a formal business: It’s important to use formal business practices when running your family business, especially as the business matures and multiple generations become involved. Having defined processes in place provides operational direction, clarifies boundaries and ensures a high level of company performance.
  4. Respect boundaries: It’s tempting to talk about family business whenever the opportunity arises, but it’s not a good idea if you want to foster family harmony.  A good rule of thumb is to collectively agree not to discuss work-related issues at family gatherings and holidays.

ROLES

“When you’re in a small boat, you can see who’s paddling hard and who’s looking around.” – Ev Williams

It’s easy to understand why you would want family members to work in the family business.  Trust, familiarity and like-minded thinking, coupled with having a stake in the game, make them desirable employees.  However, you should proceed with caution before allowing loved ones to collect a paycheck.

Best Practices:

  1. Focus on talent: Employment in the family business should be based on ability versus affinity.  The focus should be on what the family members can add to the business by way of talent, knowledge and experience.  Family members should be a good fit for an existing job, not have a role created for them. Having a written employment policy that outlines the rules for entry goes a long way to manage who is eligible to work in the business.
  2. Use job descriptions: It’s essential to clarify job roles and responsibilities, especially in family businesses.  A job description is a useful tool when it comes to divvying up the workload. It details the primary job function, specific duties and tasks associated with the position, as well as the requisite experience and skills.  Having distinct roles and mandating people stay in their lanes can alleviate family conflict and maintain a level of professionalism in the workplace.
  3. Define decision-making: It might be implied the senior family member or majority stakeholder gets the final say on important matters, but it’s best to articulate the lines of authority clearly.  Letting others know what decisions they can make on behalf of the family business and allowing them to make them goes a long way to foster efficiency and avoid hurt feelings.
  4. Treat family fairly: It’s important for overall employee morale not to show favoritism when employing relations, but it’s equally as critical to treat family members fairly if you want them to stick around.  Family members who work in the business should be held to the same set of standards as non-family employees with respect to expectations, compensation, working conditions and performance reviews.
  5. Require relevant experience: Although there is no standard rule, many families require outside work experience before entering the family business to enhance skills and provide perspective. If you have young family members that want to work in the business immediately, consider having them start in entry-level roles to gain familiarity with the operations and develop a strong work ethic.

OUTSIDE ADVISORS

“Really great people make you feel that you, too, can become great.” – Mark Twain

Working in a family business can make it hard to see the forest from the trees at times.  Consulting outside advisors can be just what your business needs to broaden perspectives and provide a reality check.

Best Practices:

  1. Establish a Governing Board: If you’ve been operating under an informal governance process, it may be time to form an independent board of directors that includes non-family members.  Objective outside advisors can provide the knowledge, skills and experience your team may be lacking.  Serving on family boards can be tough because of the interpersonal dynamics involved.  Careful consideration should be given to selecting the right candidates for the positions. Key qualities of a desirable board member include integrity, industry experience, vision, connection to family, competence and discretion.
  2. Be Open to Outside Advice: Seeking outside advice might be exactly what’s needed for long-term sustainability.  Advisors can serve as sounding boards for family members, provide fresh business ideas, and give constructive criticism when warranted.   It’s not easy to grow a family business when you are entrenched in running it; obtaining advice from trusted advisors is a strategic way to gain vision and clarity.

SUCCESSION

“A leader’s lasting value is measured by succession.” – John C. Maxwell

Succession is often a taboo subject, especially if there are multiple family members involved.  It’s difficult to relinquish control over a company you’ve spent your life building.  Whether you like it or not, eventually you will transition.  It’s better to be proactive about it than being forced to make a change when the timing or circumstances may not be optimal.

Best Practices:

  1. Start early: Are you planning to have your children take over the business when you decide to let it go? If so, you need to start early to teach them the skills necessary to run the company well.  Technical issues like business valuation, estate planning, taxation, ownership interests, voting rights, and buy-sell agreements also need to be addressed; all things that take time due to their complexity.
  1. Work with advisors: Succession planning is multi-faceted, and most family business owners have no idea what is required for a smooth transition.  Family business advisors can be used to provide counsel, communicate the plan and prepare the necessary succession documents.  Utilizing the expertise of outside advisors is a necessary step in ensuring all the critical issues have been addressed.
  1. Understand the financial ramifications: You need to make sure you understand how the transition impacts your personal financial plan.  It’s likely your income stream will change with the passing of control, and you need to be comfortable with how that will affect your lifestyle.  The last thing you want is for chaos to ensue because financial necessity is preventing you from stepping down. 

Running a family business is not for the faint of heart.  It takes considerable fortitude to balance the good of the business with the needs of the family.  By taking the steps necessary to act like the PROS, you’ll be better positioned to sustain your family for generations to come.

ABOUT THE AUTHOR

402.763.2974

lstrutzel@lutz.us

LINKEDIN

LISA STRUTZEL, CPA, CAP® + FAMILY OFFICE SERVICES DIRECTOR

Lisa Strutzel is the Family Office Services Director at Lutz with over 14 years of past experience as a family office executive. She is responsible for assisting high-net-worth clients manage their family enterprise. 

AREAS OF FOCUS
  • Family Office Services
  • Financial Reporting
  • Philanthropy and Legacy Planning
  • High-Net-Worth Families
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
  • Chartered Advisor in Philanthropy, CAP®
  • Purposeful Planning Institute, Member
  • Nebraska Society of CPAs, Member
EDUCATIONAL BACKGROUND
  • BBA, Iowa State University, Ames, IA
COMMUNITY SERVICE
  • The Hope Center for Kids, Board President, Past Treasurer
  • CAP Advisory Board Member

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Eyes Wide Open + Mitigating Risk

Eyes Wide Open + Mitigating Risk

 

LUTZ BUSINESS INSIGHTS

 

eyes wide open + mitigating risk

lisa strutzel, family office services director

 

Do you ever feel like you want to “bury your head in the sand” to protect yourself from predators, both physical and virtual ones?  I don’t blame you. The world is fraught with personal and physical risks that threaten your safety.  The key is to be aware of the potential perils and take steps to mitigate your exposure.

IDENTITY PROTECTION

It’s not easy to protect your information in a technology driven world.  The chances are, at some point, you will engage in activities that make you a target—whether that’s using an ATM machine, online shopping, or just chatting with friends on social media. 

Since virtually all our private data is stored electronically somewhere, it’s no surprise identity fraud is on the rise and the thieves are becoming more and more sophisticated.  While it’s not practical or possible to avoid online activities, you can take steps to become less of a target.

Best Practices Include:

  1. Be protective of your ATM and credit cards. The latest ATM and Point of Sale (POS) system frauds involve installing devices on or embedding malware in the machines to gain access to accounts.  When possible, use bank ATMs as they are more likely to be monitored by a security camera and not contain hacking devices. Don’t ever share your cards or PIN numbers with anyone else.  Be sure to review your bank and credit card activity on a regular basis, if not daily.  If you notice any transactions that look suspicious, contact your bank or credit card company immediately.  
  2. Use discretion when online shopping. Not all websites are created equal. Check to make sure the website address shows the locked padlock image on the status bar or contains “https://, versus http://” before disclosing any personal or financial information.
  3. Don’t access the internet through public Wi-Fi networks, even those that are password protected like hotel websites, as they are not secure and easily compromised. Instead connect online through a virtual private network, typically provided by employers for business use, or invest in an unlimited data plan and create a personal internet “hotspot” with your mobile device.  Make sure your home Wi-Fi networks are secured with a unique password, never use the default assigned by the manufacturer.
  4. Keep in mind what you share on social media can be used by thieves for malicious purposes. Even if you use security settings, the data can still be hacked, so avoid posting personal information that could put you at risk for identity theft. 
  5. Consider using an Identity Theft Protection Service, like Identity Guard or LifeLock, to monitor your credit and financial account activity.
  6. Utilize two-factor authentication whenever possible as an extra layer of security for your online activity. Two-factor authentication commonly involves logging into your account with a password and then receiving a code via text on your phone that you enter.  To access your account, a hacker would have to steal both your password and your phone, making your data much more secure.

PERSONAL AND PHYSICAL SECURITY

Today’s propensity for information sharing on social media sites is making people visible to both their friends and fraudsters. “Personal security relates to the safety of human beings and physical security relates to the safeguarding of access to physical assets such as home and business facilities.”[i]  Implementing enough controls to protect yourself without restricting too much of your freedom is a balancing act.  It’s important to understand what your risks are and then take the necessary precautions.

Best Practices Include:

  1. Don’t broadcast your location on social media. Heading somewhere exotic for vacation?  Keep it to yourself until after you get back, unless you want to jeopardize your personal safety and put your assets at risk.
  2. Practice travel security best practices when traveling abroad. The State Department’s website has a “Traveler’s Checklist” that provides a wealth of information to help you travel safely, including travel alerts and warnings.  It can be accessed at: https://travel.state.gov/content/travel/en/international-travel/before-you-go/travelers-checklist.html
  3. Background check or, at the very least, thoroughly vet every employee, contractor or vendor that has admittance to your home. The clearance provided to these individuals gives them access to your private information and whereabouts, creating personal safety and financial risks.
  4. Make sure your insurance coverage is comprehensive and covers your home, autos, valuables and family. If you retain household staff, you need to obtain worker’s compensation and employment practices liability insurance.
  5. Install a centrally monitored home security system and make sure it’s properly maintained and tested. Today’s home alarms are high tech, allowing you to monitor your premises remotely via a computer or smartphone.  Not only will they alert you about a possible intruder, they can also be equipped to warn you about the presence of smoke and carbon monoxide.  The peace of mind these devices offer is well worth the equipment cost and nominal monthly monitoring fee.

Today’s world is a security minefield and it’s impossible to eliminate all potential threats. By keeping your eyes wide open and navigating around the perils, you can be confident in knowing you’ve taken the necessary precautions to safeguard your lifestyle.

 

[i] Family Office Exchange. (2019). FOX FORESIGHT, WHAT’S ON THE MINDS OF MEMBERS.

ABOUT THE AUTHOR

402.763.2974

lstrutzel@lutz.us

LINKEDIN

LISA STRUTZEL, CPA, CAP® + FAMILY OFFICE SERVICES DIRECTOR

Lisa Strutzel is the Family Office Services Director at Lutz with over 14 years of past experience as a family office executive. She is responsible for assisting high-net-worth clients manage their family enterprise. 

AREAS OF FOCUS
  • Family Office Services
  • Financial Reporting
  • Philanthropy and Legacy Planning
  • High-Net-Worth Families
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
  • Chartered Advisor in Philanthropy, CAP®
  • Purposeful Planning Institute, Member
  • Nebraska Society of CPAs, Member
EDUCATIONAL BACKGROUND
  • BBA, Iowa State University, Ames, IA
COMMUNITY SERVICE
  • The Hope Center for Kids, Board President, Past Treasurer
  • CAP Advisory Board Member

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Financial Fitness for the New Year

Financial Fitness for the New Year

 

LUTZ BUSINESS INSIGHTS

 

financial fitness for the new year

lisa strutzel, family office services DIRECTOR

 

It’s no surprise the most popular New Year’s resolution is to exercise more. After all, the holidays are a time when maintaining a fitness routine is about as easy as navigating the mall parking lot. Your body is not the only thing that may be slightly out of shape as you begin the new year. Have you assessed your financial fitness lately?  Do you need to make some adjustments to make sure you’re on course and running in the right direction?

 

STRENGTHEN YOUR FINANCIAL GOALS

Achieving financial fitness for life is attainable but requires discipline.  The key is to be “S.M.A.R.T” about the goals you set – make them Specific, Measurable, Attainable, Relevant and Timely.  Think about what you want to accomplish and then work backwards, setting small benchmarks that will help you get there.  Do you want to retire on your own terms? First calculate the amount you want to have in your nest egg and then set annual savings goals that will ensure you make it to the finish line.

 

IMPROVE YOUR GRIP ON SPENDING

Poor spending habits can be a major setback, so it’s imperative to adhere to a budget. Building a playbook for your budget begins with identifying your income and expenses. Estimating monthly income is easy enough; but understanding where all the money goes can be challenging. If you need help tracking your expenses, mobile applications that monitor spending like Mint and YNAB are designed to help you get a grip. 

Once you understand the cost of your lifestyle, you can make the adjustments necessary to ensure you’re not spending more than you make.  If your budget doesn’t balance on the first try, separate your needs from wants and eject the non-essentials.  Don’t forget to pay yourself first by factoring your savings goals into the expense equation.  Just like working on your physical fitness, your budget won’t be in shape right away; it will take a month or two to establish the healthy habits, but the end results will be lasting.

 

DEBT REDUCTION IS YOUR OFFENSE

In the words of David Ramsey, “Debt isn’t just borrowing money you don’t have from the bank.  It’s also borrowing from your future!”  Defending your income from ongoing payments by implementing debt reduction strategies can help you achieve a financial win. 

It’s important to “substitute what you owe for what you can grow”.  By making a list of what you owe, you can prioritize debt reduction by first paying off debt with high interest rates, such as credit cards, or even through seeking small victories by paying off your smallest balances owed.

 

ACHEIVE YOUR GOALS + REPEAT

Do you want to win this year with respect to your finances? Start with updating your financial goals with the end game in mind, being sure to put a hold on counterproductive spending and credit practices. Attaining better financial health takes practice and discipline, but practice makes perfect—and practicing a more strategic game plan this new year will have you perfecting your financial fitness in no time!

ABOUT THE AUTHOR

402.763.2974

lstrutzel@lutz.us

LINKEDIN

LISA STRUTZEL, CPA, CAP® + FAMILY OFFICE SERVICES DIRECTOR

Lisa Strutzel is the Family Office Services Director at Lutz with over 14 years of past experience as a family office executive. She is responsible for assisting high-net-worth clients manage their family enterprise. 

AREAS OF FOCUS
  • Family Office Services
  • Financial Reporting
  • Philanthropy and Legacy Planning
  • High-Net-Worth Families
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
  • Chartered Advisor in Philanthropy, CAP®
  • Purposeful Planning Institute, Member
  • Nebraska Society of CPAs, Member
EDUCATIONAL BACKGROUND
  • BBA, Iowa State University, Ames, IA
COMMUNITY SERVICE
  • The Hope Center for Kids, Board President, Past Treasurer
  • CAP Advisory Board Member

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Family Philanthropy + Creating a Shared Legacy

Family Philanthropy + Creating a Shared Legacy

 

LUTZ BUSINESS INSIGHTS

 

family philanthropy + creating a shared legacy

lisa strutzel, family office services director

 

There’s no denying it: you feel good when you do good. The brain stimulation that occurs from being charitable is credited for a variety of benefits, including reducing stress, feeling happier, and improving life satisfaction. Health reasons aside, creating a shared legacy through family philanthropy positively affects your family. A family that works towards a common philanthropic vision perpetuates family values, provides educational opportunities for family members, and fosters family bonds.

PERPETUATES FAMILY VALUES

How does a family collectively determine what it truly values and the resulting legacy it wants to pass on? Defining a shared legacy requires individual and group reflection. A common vision needs to be identified, as it guides the family’s giving strategy. As so aptly put by Yogi Berra, “If you don’t know where you are going, you might wind up someplace else.” 

Creating a charitable mission statement is a good way for a family to express its values and passions. A mission statement articulates the family’s purpose for giving and the impact it wants to achieve. It provides the framework for goal setting and helps ascertain where to place the giving focus. 

A good example of a clearly stated purpose for giving is the Bill & Melinda Gates Foundation mission statement:

Guided by the belief that every life has equal value, the Bill & Melinda Gates Foundation works to help all people lead healthy, productive lives. In developing countries, it focuses on improving people’s health and giving them the chance to lift themselves out of hunger and extreme poverty.

PROVIDES EDUCATIONAL OPPORTUNITIES

Philanthropy is a way for a family to move from talk to action while learning valuable life lessons. “Giving together creates spaces for collaboration and engaged focus on one giving mission and opens the door to multi-generational learning between older and younger members of the family.”[i] Philanthropy provides an exceptional opportunity for learning, regardless of how a family chooses to practice its giving. 

Compassion and empathy are taught to younger children when family members model what it means to be charitable and have conversations concerning the challenges faced by those less fortunate.

Money management skills are learned when parents require kids to use the “giving jar” approach to allocating allowance. By sharing a portion of their savings with others, children can experience first-hand what it means to make a difference. 

Teamwork, social awareness, and problem-solving is reinforced by volunteering as a family to support a common cause. Serving a meal at a local homeless shelter or assisting with a building project in a low-income community are excellent ways to fortify family values and instill gratitude. 

Leadership, governance, and financial competencies are promoted when a family foundation is the vehicle for charitable giving. A foundation is a legal structure that requires corporate governance, exposing junior board members to the intricacies of a philanthropic board. Additionally, it’s an optimal setting for introducing financial fundamentals like investing, budgeting, and grant-making.   

FOSTERS FAMILY BONDS

As a family becomes more disparate from size, location and age perspectives, family philanthropy can act as the tie that binds. Foundation meetings and service projects offer opportunities for connection. Practicing philanthropy provides the means for a family to work through generational differences in a nurturing environment to perpetuate its shared legacy.

Jay Hughes talks about the bonds created by family philanthropy in his family wealth book stating, “Most important, it tightens family bonds—the family glue—by recognizing and acknowledging the creativity and passions of each member.”[ii]

RESULTS BEYOND CALCULATION

Does your family have a shared legacy? If not, it may be beneficial to create one with philanthropy at the forefront. Working together for a charitable purpose not only makes the community better, but it does substantial good for your family as well. In the words of Miriam Beard, “The results of philanthropy are always beyond calculation.”

 

[i] Family Philanthropy Guide. (n.d.).  Retrieved from https://givingcompass.org/family-philanthropy/

[ii] Hughes, J. (2004). Family Wealth: Keeping it in the Family – How Family Members and Their Advisors Preserve Human, Intellectual, and Financial Assets for Generations. Bloomberg Press.

ABOUT THE AUTHOR

402.763.2974

lstrutzel@lutz.us

LINKEDIN

LISA STRUTZEL, CPA, CAP® + FAMILY OFFICE SERVICES DIRECTOR

Lisa Strutzel is the Family Office Services Director at Lutz with over 14 years of past experience as a family office executive. She is responsible for assisting high-net-worth clients manage their family enterprise. 

AREAS OF FOCUS
  • Family Office Services
  • Financial Reporting
  • Philanthropy and Legacy Planning
  • High-Net-Worth Families
AFFILIATIONS AND CREDENTIALS
  • Certified Public Accountant
  • Chartered Advisor in Philanthropy, CAP®
  • Purposeful Planning Institute, Member
  • Nebraska Society of CPAs, Member
EDUCATIONAL BACKGROUND
  • BBA, Iowa State University, Ames, IA
COMMUNITY SERVICE
  • The Hope Center for Kids, Board President, Past Treasurer
  • CAP Advisory Board Member

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Family Office Millennial Educational Series: Financial Literacy Basics

Family Office Millennial Educational Series: Financial Literacy Basics

 

LUTZ BUSINESS INSIGHTS

 

Family Office Millennial Educational Series – Financial Literacy Basics: Beginner’s Guide

Nick Hall and Josh Jenkins of Lutz Financial cover savings plans, insurance basics, and credit & debt, along with a Q&A session.

 

RECENT POSTS

Quarter in Review + Financial Market Update 6.30.2020

Quarter in Review + Financial Market Update 6.30.2020

As we get ready to roll into July, it’s hard to believe we are already at the midpoint of 2020. It has been a tale of two quarters so far this year, as one of history’s most vicious selloffs stopped on a dime and transitioned into a record-setting…

read more
Starting a Business in 2020? Your Accounting Options

Starting a Business in 2020? Your Accounting Options

Before your new business even makes its first sale, you need to know how you’re going to meet your accounting needs. You should select a system that will suit you in the early days of your venture and will also allow you to handle growth…

read more

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

115 Canopy Street, Suite 200

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850