Leaders of successful family enterprises will be the first to tell you that their family’s riches are not their money and assets, businesses, factories, and investments, nor their charities and foundations. Instead, their riches lie in their younger generations, in whose hands ultimately rest the fate of their legacy. For this legacy to flourish and sustain, family leaders must follow the 7 keys to create a strong and united family culture, which embraces and wields the platform of wealth to nurture their young. These efforts will yield resilient and productive youth, with deeply grounded values, who will thrive and mature, and later in life will be ready to assume the mantle of stewards and guardians of the legacy.
Family leaders must have the courage and stamina to create an inclusive, participative, and results-driven culture in the family and business, supported by the right policies and systems. Such a foundation will set the stage for a family legacy which both sustains across multiple future generations, and grows along the way with each group driving growth and diversification and making its own mark.