Trigger events in business families

Family Subsystem Trigger	Operating Business Subsystem Trigger	Investment/Family Office Subsystem Trigger	Philanthropic Subsystem Trigger
Birth Adoption Death Serious illness Marriage Divorce Commencement (graduation) Empty nest Revelation of a secret Midlife crisis Change in career Retirement	Formation Significant change in business operations Sale Reorganization Admission of new owners Change in key employees Liquidation Transfer to family members Change in external environment, e.g., tax laws Lawsuits	Liquidity event Need for funds, e.g., extended illness Sale of assets Change in type of assets Change in investment advisors Need for new services Change in external environment, e.g., tax laws Lawsuits	Change of family members’ interest in charity Change in charitable needs Tax law changes Regulatory inquiries and penalties