How Can We Harness the Power of the Rising Generation?
A family’s business achievement cannot be sustained without the personal commitment to invest in the family. Preserving wealth and developing an empowered rising generation go hand in hand.
Raising children to become productive members of society is a challenge that every family faces, but a wealthy family encounters additional challenges. The saying “to whom much is given, much is expected” captures the essence.
Leveraging wealth to provide opportunities without diminishing drive is one of the greatest challenges for legacy-driven, or generative families. It is important for successful families to actively prepare their children and grandchildren for the time and attention required of growing and protecting wealth and assets, and using the opportunities they have been given to make positive contributions to the world. This type of preparedness will require more than good intentions or a trust that limits the recipient’s freedom of how funds may be used.
Generative families are anchored on two major achievements. First, they developed a successful business that created family wealth. Second, they committed resources, time and energy to building a family that both adapts over generations and has a strong sense of shared identity.
Through analysis, research and case studies gathered in interviews with more than 70 family enterprises from across the world that have moved wealth into the third generation or beyond, this paper examines how family connectedness and wealth is built and sustained. It aims to understand what these families are doing to empower the rising generation.
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