Helping Families Thrive for Generations
According to Jay Hughes, the author of Family Wealth, a family’s greatest asset is its human capital – the knowledge and experiences of every member of the family.
You may have heard the axiom ‘shirtsleeves to shirtsleeves in three generations’ meaning there is a generation that creates the wealth, then there is the next generation that benefits from the wealth and then the third generation which is usually vast in numbers who spend through all of the wealth. These last two generations did not have the motivation, the education or perhaps the confidence to develop the skill-sets needed to contribute to the family.
Developing an assessment and education plan so that each member of the family can thrive as either part of the family business or in his or her own fabulous way, is key to the success of the overall family in the long run.