Welcome, From The Founder
My name is Paul Deloughery and I’m the founder of Each Generation Stronger. I’m an estate planning and probate attorney in Scottsdale, Arizona. I started this organization because of the lack of holistic, far-sighted professional guidance available to families with a net worth of less than $50 million.
Paul’s Story—and Avoiding Expensive Mistakes
In 2009, I inherited my father’s $28 million estate. I was not prepared for this and ended up making a lot of the same mistakes that other people do when they come into sudden wealth. Part of the problem in my personal experience was that I was not prepared for this inheritance. Another problem was the difficulty in aligning myself with the right professionals to help me. Each Generation Stronger helps solve these problems. Sign up for updates when important blog posts and podcasts are published.
Discovering the Keys to Success
Since 2009, I have studied what went wrong in my own family, as well as what goes wrong in the majority of other families, which are unable to sustain their financial success for more than one or two generations). I also figured out why certain families are able to beat the odds and remain successful for hundreds of years.
It turns out that there is a cultural divide between families with more than approximately $50 million and those with less than $50 million. Families worth $50 million or $100 million or more have a culture, for lack of a better word, in which they share best practices with each other regarding how to manage their wealth and how to organize their families. They talk about how to raise their kids. They meet with each other in exclusive country clubs and social events to share knowledge of what works and what does not when it comes to investments and management. They also implement the 8 Keys, which are summarized below.
The Typical Path (Destined To Mediocrity)
What is often lacking is competent guidance in running the family like a business (like families worth more than $50 million do). Also lacking is insight and guidance regarding family dynamics.
If you are an entrepreneur, there is a disconnect between how you created your wealth and the solutions offered by the financial services industry for how to manage your money when you are gone.
- Sell your business and invest that money with a money manager.
- Put all of your money in a trust and drizzle it out to your spouse and heirs when you die.
(This is the recipe for trust fund babies, instead of creating hard-working, strong, emotionally sound decision-makers.)
Alternate Path… Making Each Generation Stronger
Each Generation Stronger is an alternative to delegating everything to service providers. While we offer estate management services like other families use, we also offer other solutions so that you can help your heirs become resilient and productive.
Our approach to helping affluent families is guided by the Eight Keys. This is explained in more depth elsewhere on this website. Very briefly, the Eight Keys are as follows:
When the first generation is building its wealth, they rely on the first four Keys:
The first four Keys become slightly modified, and four additional Keys are necessary:
This is an overall explanation that works much like the natural flow that the human body uses through its 11 organ systems.
However, creating the framework like this is crucial to hold the flow in place. It can make the difference between success and failure of a thriving, financial legacy.
For a family to be successful over the long term, and stronger through each generation, these 8 keys need to be put in place sooner rather than later.