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Inheritance, Legacy and Life Closure by Design

The Business of Family
Inheritance, Legacy and Life Closure by Design
By Mike Boyd • Issue #45 • View online
Legacy is the effect that our lives have on other people’s lives whether good or bad. Daily, we are curating our legacy, by who we are, what we do, and what we say. It’s never too late to work on this.
The awareness of the certainty of death is empowering as it should give the ability to live life more intentionally and assess the impact of our ideals in our lives.
In this week’s podcast, Matina Agio describes the idea of “Life closure by design”; preferably the age of 50 is the ideal time to be more conscious about life closure, especially having light ownership and getting clarity on what will be left behind.
What we do with our inheritance has two aspects; the first is to optimise it and use it so we can create happiness for ourselves, the second is to preserve what we can so we can give it to the next generation with stories and history.
Storytelling is the center of Matina’s work; using the stories behind objects owned by clients to resolve issues. Parents need to tell stories about their things to their children because it is unlikely for a child to sell something that has a story to it.
When navigating inheritance and trying to be a custodian of what has been left behind, employing the concept of “Gratitude” is highly efficacious, in that it helps to understand the value of these things. This gives a reason to own these things and helps us know what our relationship was like with those who left them behind.
This episode is thought-provoking and inspiring. I hope you enjoy it!

Spotlight: The Ortega Family
The Ortega family is a Spanish dynastic family that is the fifth wealthiest family in the world and the wealthiest family in Europe. The majority of the family’s wealth comes from the clothing company Inditex and its flagship store Zara.
The head of the family, billionaire Amancio Ortega, has a net worth of $78.9 billion, making him the third-wealthiest person in Europe after Bernard Arnault and Francoise Bettencourt Meyers, and the 13th-wealthiest in the world.
Ortega is very private about his personal life, as of 2012 he has only given three interviews to journalists. Until 1999, no photograph of Ortega had ever been published.
Recommended Reading
Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values (Williams & Preisser)
Latest Podcasts
Matina Agio - The Inheritance Muse
Moses Kagan - On the Shoulders of Giants
Interesting Links
Rogers Chairman Fires Board for Firing Him for Firing CEO
Succession Drama Grips Scholastic: CEO’s Sudden Death, an Office Romance and a Surprise Will
Why inheritance is out of vogue with the rich and famous
Stay in touch
Mike Boyd is the co-owner and CEO of the Vroom Group, Founder of Prosura insurance, Investor at Mudbrick Capital, Host of The Business of Family Podcast and an active member of YPO.
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Mike Boyd

I'm inspired by multi-generational businesses and the families who steward them. Join me as I learn how some of the world's most interesting families share values, knowledge, resources, and wealth with the next generation.

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