Foreword ix
Acknowledgments xiii
With Appreciation for America’s Armed
Forces Service Members xv
Introduction xvii
Section I Every Family Needs a Chief Financial Officer 1
Chapter 1 Why Do I Need a CFO? I Don’t Even Own a Business 3
Section II Maximize the Value of Your Single Biggest Asset—Your Labor 17
Chapter 2 Double the Value of Y our Labor through Education 19
Chapter 3 Make Career Choices That Extend Your Possibilities 29
Chapter 4 Think Like an Investor When Making Career Decisions 33
Chapter 5 Don’t Overlook Retirement Benefits Just Because They’re Not Imminent 45
Chapter 6 Complement Your Career Decisions with Insurance 49
Section III Manage Your Assets Like a CFO Manages a Business 55
Chapter 7 Your Financial Assets Serve Many Functions in Your Family Business 57
Chapter 8 Diversify Your Family Business with the Right Investments 61
Chapter 9 Define the Right Goals for Your Asset Management Business 75
Chapter 10 Use History to Make Reasonable Investment Assumptions 81
Chapter 11 Safeguard Your Assets from the Main Risks 97
Chapter 12 Not All Debt Is Bad! Use Debt to Purchase Assets and Maximize Your Liquidity 101
Chapter 13 Which Is Better, Active or Passive Investment Management? It Depends. . . . 105
Chapter 14 Use Indexing for Your Low-Cost Investment Portfolio 113
Chapter 15 Understand When It Makes Sense to Pick Individual Stocks and Managers 117
Chapter 16 The CFO’s Step-by-Step Guide to Building the Family Investment Program 125
Chapter 17 Know Yourself—Understand the Psychological Factors That Can Torpedo Your Goals 131
Chapter 18 Don’t Sweat the Details of Your Asset Management Business 135
Section IV Family Inc. Does Not Manage Itself 139
Chapter 19 Create Tools and a Reporting Dashboard for Managing Family Inc. 141
Section V Manage Your Family Endowment in Retirement 165
Chapter 20 Understand How Your Family Business Changes in Retirement 167
Chapter 21 Sleep Well—Protect Your Retirement through Insurance 169
Chapter 22 What’s Your Number? Determine When and How Much You Can Afford to Spend in Retirement 179
Section VI Avoid the Rat Race—Change the Game by Changing the Rules 201
Chapter 23 Pay Yourself What You’re Worth through Entrepreneurship 203
Chapter 24 Jump-Start Your Heirs’ Financial Security 209
Chapter 25 Develop a Succession Plan to Groom Your Replacement(s) 213
Chapter 26 Develop and Manage Your Estate or Uncle Sam Will 217
Chapter 27 Maximize Your Charitable Legacy 221
Section VII A Call to Action 225
Chapter 28 “But It’s Different This Time. . . .” 227
Chapter 29 Put Down the Book—Just Do It! 229
Appendix: How to Calculate Expected Lifetime Labor Value 231
Glossary 233
Notes 237
Index 243
