Your Family’s Wealth is at once human, social, intellectual, spiritual and financial. And yet, so many people get stuck on the financial aspect and pay little attention to their other assets. Do you know of any multi-generation success stories that haven’t leveraged the human asset in their growth and development?
Ironically the greatest threat to the successful transmission of wealth is human – it’s as though when it comes to money, human potential is perceived as more threatening than it is promising.
Seen through the looking glass of an enterprise, intellectual creativity, charisma and hard work are key to leadership. From the smallest company to the largest corporation, human potential is by far the most valued resource.
But there are no absolutes in human behavior and just because siblings are all chips from the same block doesn’t mean that you have the same vision for the future. What’s more, once members of the family marry – their center of gravity can change. How do you get beyond your comfort zones and listen to others in the family? How does the family come to agreement as to the purpose of the money? What is the role of the parents?
Investing in communication, individual development and understanding of the individual members of the family are really critical for the “family as enterprise” to succeed. Getting to know everyone’s personal world, including all members even when their opinions diverge from your own, building a proper Family Governance and Constitution are all keys to success.