One of the great benefits of owning a business is the ability that you have to change the lives of your friends and your family members by giving them jobs when the opportunity arises. After all, what businessman doesn’t want his daughter or his son to take over the family business?
The RSJ Thought Center
As a culture, we primarily recognize people with verbal, linguistic, logical, and mathematical intelligences. Scholastic aptitude tests and IQ tests look only at these traditional intelligences. We say that people who have musical skills are talented. We degrade manual laborers, as though their bodily and kinesthetic intelligences are less important than the intelligences of those who do well on standardized tests. A charming person who is good with people might, in fact, be an interpersonal genius with as much importance as a professor of fine literature.
Structural capital is defined by how your family shares its knowledge and communicates with each other (and with the outside world as a whole) through unique processes. It includes processes for:
- Transferring knowledge to one another.
- Identifying each other’s values, intelligences, and striving instincts.
- Strengthening its relationships with each other.
- Building relationships with the outside world.
- Allocating resources to different family members.
- Planning wealth transitions through estate planning mechanisms.
Rose, Snyder & Jacobs LLP is a CPA firm based in Encino, CA that serves private and public companies, business owners and high-net-worth families. Our services include tax, assurance, estate planning, business advisory, and wealth transition consulting. We deliver a long-term perspective and innovative accounting solutions so our clients can focus on their success. Call us at 818.461.0600 for a confidential, no-obligation discussion.