Element 08 of 10
Family Governance
How do we prepare the people who will inherit the responsibility?
What this Element covers
Wealth is hard to create, and it is even harder to maintain. “Shirtsleeves to shirtsleeves” or “rags to rags in three generations” are popular phrases to describe the challenges and realities associated with wealth transfer across generations. The reality is that it isn’t even the third generation that is the challenge. Over 70 percent of wealth is lost in the second generation.
Family governance is about engaging the next generation, equipping them to understand and act on your values and intentions for stewarding what has been accumulated and helping them manage their wealth for generations to come.
What are the principles that guide your family’s life/choices/decisions?
What values are you instilling and passing on to your family?
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