More than an inheritance, the true gift that this patriarch gave his children was openness and transparency that created family trust. They knew going forward that there was a commitment to keep all informed and educated on a regular basis about the family assets before a death occurred, which is most typically the time for friction that, sadly, can often last lifetimes. Everyone agreed that they were all being treated equally, that they trusted each other, and that they would always have an opportunity to be heard. So, the will was amended, read out loud again at the second meeting. Another voiced gratitude for being asked and chose a less active role, yet still wanted to remain educated, informed, and engaged. They all discussed, and all agreed that this was logical based on their knowledge, experience, and interest for sharing that role. They indicated an interest in sharing some of the responsibility with one of their siblings who had already been named executor and trustee. At the first meeting, since they were asked, two of his children spoke up. Then he asked, “Are there any objections?”Īctually, this was the second time he held a meeting like this. The meeting began with Alan reading his own will out loud. ![]() The company also has made multimillion dollar upgrades at its clubs in Bannockburn, Willowbrook and Rochester, N.Y.Several years ago, after he had passed the torch as CEO to his son Steven, Alan Schwartz set up a day-long meeting with his wife, their four children, each of their spouses, portfolio advisors, and attorneys. The updated Palatine facility will be modeled on the award-winning design of the company’s flagship property, Midtown Athletic Club & Hotel in Chicago, which underwent a $75 million makeover in 2017. Midtown Athletic operates eight athletic and tennis clubs across the U.S. “The business is in a position where we are in growth mode again,” he said. Houx said the project is the culmination of work begun prior to the pandemic, which hurt operations and revenue, The Daily Herald reported. ![]()
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