Why A Family Enterprise Could Be Essential To Your Future
I have the great privilege to work with families who wish to sustain their wealth to benefit multiple generations. This can be quite a challenge. Families that have worked extremely hard to build wealth find it just as difficult to preserve wealth over time. The concern is that a wealthy family could go from shirtsleeves to shirtsleeves in three generations. The first generation creates the wealth. The second generation consumes the wealth and the third generation is starting all over again.
While there are many strategies that can be put in place to preserve multi-generational wealth, here is what I’ve learned from serving affluent families over the years. There are two critical factors that will have a greater influence on this goal than anything else: recognizing tipping points and viewing family wealth as an enterprise.
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