We want our children to be happy & healthy.
The goal of any good parent is to have his/her children lead happy and healthy lives. For parents with significant wealth, this goal extends to having their children grow up to responsibly appreciate and even grow the family wealth for future generations.
Money doesn’t bring happiness.
Money in and of itself, though, doesn’t bring happiness to families or their children. One might think that wealthy families have nothing to worry about. That financial success that many would celebrate, however, actually presents certain unique challenges. In fact, 70% of all wealthy families lose their wealth by their 2nd generation, and an incredible 90% lose it by their 3rd generation.
Wealth often breaks down family trust and relationships. In addition, family members who are successful in many aspects of their lives tend to be too busy or simply ill-equipped to celebrate their familial heritage and prioritize their family connections. Whether it’s a parent and child, two siblings, or even a few cousins, these family relationships are often ripe with relational and emotional challenges that ultimately put the family’s significant assets at risk.
Family businesses create even greater challenges!
Many of these families also operate their own family businesses. While a successful multi-generation family business can create a lasting legacy that offers tremendous wealth-generating potential, the reality is that the overwhelming majority of these family-owned and operated companies fail to succeed from one generation to the next. Research shows that only 30% successfully transition from their 1st to 2nd generation, and these trends continue to decline significantly with every generation that follows.
Focusing on your family builds legacy!
Successful multi-generation families leverage the following family-focused programs to lay the foundation for greater success and to build their legacies together:
- Family Forums & Retreats – Enhance family member relationships & proactively address critical family matters
- Family Legacies & Charters – Define the core values & operating guidelines for multi-generation families
- Family Counseling – Improve communications & strengthen connections between Parents & their Children
- NextGen Coaching – Support NextGen Children in making major life decisions & leading more fulfilled lives
- Business Succession Planning – Develop future leaders & transition family businesses to the next generation
Click here for a short and insightful article on Family Legacy and achieving even greater success with your multi-generation family business.