Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
amazon.com
Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
It is only when a family fails to perceive itself as the first generation that it begins to risk resembling the status quo of a second generation or the decay of a third.
James E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
FAMILIES WHO RECOGNIZE with ritual the important passages in their members’ lives seem to fare better at overcoming the shirtsleeves proverb. This should not be surprising, since the creation and practice of rituals marking important developmental steps in the life of a human being are at the core of successful tribal life.
James E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
family’s ability to remain in business over a long period of time always comes down to excellent long-term succession planning, regardless of how successful the family is financially.
James E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
It is a classic three-stage process: first, a period of creativity; second, a period of stasis or maintenance of the status quo; and third, a period of dissipation. Is this rags-to-riches-to-rags cycle inevitable? I believe it is not,
James E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
Families attempting long-term wealth preservation often don’t understand that they are businesses and that the techniques of long-term succession planning practiced by all other businesses are available to them as well. A family that starts its long-term wealth preservation planning by adopting the metaphor that it is a business will begin with a w
... See moreJames E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
Long-Term Wealth Preservation as a Question of Family Governance
James E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
CONTROL WITHOUT OWNERSHIP expresses a way of thinking, a philosophy. This concept, when practiced, powerfully assists a family to overcome the proverb “Shirtsleeves to shirtsleeves in three generations.” Control without ownership means that each family member adopts the idea that “I am the owner of something if I control it, even if I am not the le
... See moreJames E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
It must provide a means for the collection and dissemination of the accumulated knowledge of all family members.
James E. Hughes • Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
It must encourage the geographic diversification of human assets. The world is becoming smaller every day. Families must participate in all corners of the world if they are to meet the challenges of a global world.