I inherited my father's foundation. But I have to get the finances and administration in order.
Marcus inherited a foundation from his father, but the finances were weak and the board was inexperienced. Find out how we helped Markus Marcus save the foundation.
39% of high-net-worth individuals agree with the statement "I'm worried that my wealth could easily disappear.1
The challenge
Nobody wants to leave their parents in the lurch. But that was Marcus' fear when he inherited his father's music foundation. After 48 years, the finances were weak, and the board was in crisis. Marcus wanted to save the foundation, but the prospects were not promising.
The solution
A member of the board suggested that Marcus talk to our team. We understood the burden of responsibility Marcus felt and addressed the urgency of the situation with three action points.
Immediate cleaning of the books – checking the assets and selling what could be sold.
Introduce Marcus to our network to support the search for a new chairman.
Strengthen the financial confidence of the board of directors to help it make long-term decisions.
We were able to draw on our experience with foundations and the management of institutional assets to manage this particular situation. Through asset planning and restructuring, we were able to set up a plan for the foundation. We were also able to identify where the Foundation's administration could be strengthened to secure its future.
Now that the foundation is secure, Marcus can retire and is confident that his father's legacy will live on and help more young musicians achieve their dreams.
Read the full report here, which was prepared in collaboration with WIRED.
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- Based on research conducted by Ipsos UK on behalf of Quintet Private Bank and BlackRock between 19th August and 27th September 2024.
- Source: Bloomberg, October 2024.
- As at the end of September 2024.