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12 Elements for Sustaining Family Wealth & Unity (Part 1)
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The stats tell us that just 10 percent of generational wealth lasts beyond the third generation, and you can point to a variety of reasons for that to be the case. Most people that get to this point want their family to be taken care of for decades to come, but not everyone takes the necessary steps to achieve unity to within their family.
Here are the six elements we discuss in this episode:
- Foster strong and effective communication and build trust between generations.
- Develop, maintain, and regularly revisit your vision for the present and future.
- Successful families meet regularly.
- The four different types of capital you need for generational wealth.
- Keep the family business separate from the business of the family.
- Identify the roles necessary for the family to be successful.
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