The Challenge
Less than one-third of wealthy families stay united past the third generation.
Lack of a shared vision, a clear decision making process and good communication would challenge any business. Our work suggests these same issues threaten multigenerational families as well. One thing is certain: these challenges will only intensify with the addition of each generation.
How do successful, multigenerational families of wealth overcome these challenges?
A Family is More Than a Balance Sheet
Coppertree client families understand what many families do not: that financial statements are only one part of their family’s wealth. Stuart Lucas, a Fourth Generation family member of the founding family of the Carnation Company, explains that wealth means more to his family than just cash:
“Our wealth represented hard work, history, love, and legacy – a tangible gift from past generations of (the family) to my own. It was meant to last a long time and to be used in ways that would benefit not just my family and me, but also society and generations of (the family) yet unborn.”
Can your family wealth make a difference to what matters most to you and your family? Do you want your wealth to support a lasting family legacy that nurtures present and future generations? What do you want for your family?
You can begin to secure your family’s legacy by taking a look at where your family has come from and where you want to go.
