What matters most in managing the family enterprise Complete Family Wealth is a comprehensive resource for growing, maintaining, and managing wealth across generations. A successor to the classic Family Wealth, now in its 20th year, this book provides updated and expanded guidance to change the way you think about your wealth and legacy. This team of expert authors—who brought the field not only Family Wealth but also Family the Compact, The Cycle of the Gift, The Voice of the Rising Generation, and Family Trusts—ground Complete Family Wealth in a clear account of the “five capitals”: human, intellectual, social, spiritual, and financial. The discussion covers the “what,” “who,” and “how” of family wealth management in clearly-delineated chapters that allow you to dip in as needed, from the principles of family enterprise to family governance, philanthropy, and more. Each family member plays a distinct role, and by exploring each member’s responsibilities in terms of the family enterprise, this book provides insights and ideas for real-world families struggling with all-too-common challenges. Growth-oriented practices today lead to generations of family flourishing in the future. This book provides the answers you need along with guidance and strategy for keeping your family’s complete wealth intact. Understand the five forms of capital that comprise “complete family wealth” Explore the roles of each family member in helping the family enterprise flourish Learn how friends, trustees, and advisors contribute to family wealth management Adopt specific practices that help families grow their complete wealth and ensure its survival through generations Family wealth can sometimes feel like more of a burden than a blessing. Developing the right understanding, character, and structures can improve family enterprise management and protect all your family’s capital from whatever the world throws your way. Complete Family Wealth is a one-stop reference for ensuring a positive legacy for future generations.
Preface xv INTRODUCTION An Invitation 1 A Welcome from James (Jay) Hughes, Esq. 1 A Welcome from Dr. Susan Massenzio 3 A Welcome from Dr. Keith Whitaker 4 The Path Ahead 5 PART ONE CHAPTER 1 Complete Wealth 9 Right Understanding 9 Complete Wealth 10 The Five Types of Capital 11 Growing Capital 12 A Provocative Comparison 16 Measuring Qualitative Capital 16 The Family Balance Sheet 18 CHAPTER 2 Family Enterprise 23 Affinity 23 Flourishing 24 The Three-Circle Model 26 Active Ownership 30 Transition 31 Time 33 CHAPTER 3 Principles 35 PART TWO CHAPTER 4 The Rising Generation 39 Why Rising? 39 The Effects of the Black Hole 40 The Challenge 41 Meeting the Challenge 44 Rising in the Middle Passage 46 Setting Off 47 CHAPTER 5 Parents 49 Giving 49 Know Thyself 50 Nothing Too Much 51 How Much Is Enough? Fair versus Equal? 52 Communication and Control 52 Giving as Grandparents 54 Letting Go 55 CHAPTER 6 Spouses 57 Tough Questions 57 Fiscal Inequality 57 Three-Step Process 59 Spouses and Family Meetings 61 Blended Families 62 CHAPTER 7 Elders 63 “Old Age Hath Yet Its Honor and Its Toil” 63 Characteristics 64 Two Practices 65 CHAPTER 8 Trustees and Beneficiaries 69 Human Consequences 69 Vocabulary 70 Activity 74 Distributions 77 Conclusion 81 CHAPTER 9 Advisers 83 Questions to Consider 83 Money 84 Personnes de Confiance 85 Counselors, Coaches, and Facilitators 86 Mentors 87 A Father’s Wisdom 87 CHAPTER 10 Friends 89 Friends as Wealth 89 Wealth and Friends 91 PART THREE CHAPTER 11 Character 95 History 95 What Works 97 CHAPTER 12 Work 99 Meaning 99 Strengths and Flow 100 The Human Work 101 Play 102 CHAPTER 13 Talking with Children about Wealth 105 Development 105 The Power of the Teachable Moment 106 Are We Rich? 106 Curiosity 107 Allowances 107 Adolescents 108 Managing Privacy 110 CHAPTER 14 Prenuptial Agreements 111 Introduction 111 What Is a Prenuptial Agreement? 112 How Best to Approach a Prenuptial Agreement 114 For Parents of the Prospective Spouses 115 CHAPTER 15 The Family Executive Summary 117 Definition 117 Purpose 118 Process 118 Presentation and Next Steps 119 CHAPTER 16 Family Meetings 121 Preparation 121 Why? 122 What to Do in a Family Meeting? 123 Who to Have at a Family Meeting? 124 When to Hold a Family Meeting? 125 How to Run an Eff ective Family Meeting? 126 Where to Hold the Meeting? 127 CHAPTER 17 Family Stories and Rituals 131 The Stuff of Life 131 Rituals 133 CHAPTER 18 Family Mission Statements 137 Why a Family Mission Statement Matters 137 What Is a Family Mission Statement? 138 How to Create a Family Mission Statement 139 How to Use a Family Mission Statement 140 CHAPTER 19 Family Governance 143 Humility and Freedom 143 Constitution, Council, and Assembly 144 Design 147 Ratification 148 CHAPTER 20 Financial Capital 151 Return 151 Two Practices 153 CHAPTER 21 Family Philanthropy 159 The Benefits of Family Philanthropy 159 Philanthropy for the Family 160 Getting Started 161 Magnificence 162 CONCLUSION Individual Flourishing 165 Many Blossoms 165 The Five Ls 166 The Four Cs 167 Three Little Words 168 EPILOGUE The Future? 171 About the Authors 175 Index 177
JAMES E. HUGHES, ESQ, is a retired attorney and the author of Family Wealth: Keeping It in the Family and numerous articles on family governance and wealth preservation. DR. SUSAN E. MASSENZIO is a psychologist and founding Associate with Wise Counsel Research Associates, a think-tank and consultancy. She has extensive experience consulting to senior executives, leadership teams of Fortune 500 companies, and heads of family businesses. She is the co-author of The Cycle of the Gift and The Voice of the Rising Generation, both published by Wiley/Bloomberg Press. DR. KEITH WHITAKER is a founding Associate with Wise Counsel Research Associates. Keith has many years' experience consulting with advisors to and leaders of enterprising families. He is the co-author of The Cycle of the Gift and The Voice of the Rising Generation, both published by Wiley/Bloomberg Press.
What is family wealth? Is it property and capital assets alone, or something more? What matters most in managing family wealth, and what are the most effective strategies for maintaining it and conferring its advantages down through the generations? In his bestselling, Family Wealth, first published in 1997, James E. Hughes answered those questions, and in the process forever changed the way high net worth families think about passing on their heritage, their wealth, and their legacy to future generations. Now, 20 years later, in this successor volume, Hughes and coauthors Keith Whitaker and Susan E. Massenzio bring together the powerful insights, helpful tips, and timeless guidance contained in the original along with everything they've learned over the past decades about generational wealth, shared decision-making, sustainability, and purpose. Complete Family Wealth is a one-stop reference for ensuring a positive legacy for future generations. It provides practical advice for families struggling with all-too-common challenges of wealth management. But unlike other books on the subject, this one holds to the philosophy that true family wealth and its management is about more than shrewd investing, the right portfolio strategy, and tax-avoidance schemes. Every family hopes to confer advantages to future generations that are more than just material and financial. They hope to instill character and leadership, to inspire creativity and enterprise, to help all family members find and follow their individual callings, and to avoid the financial dependency and loss of initiative that often follow financial success. Unfortunately, far too many families fall short of that goal. In order to help your family avoid a similar fate, this book is firmly grounded in the principle of the "five capitals" of family wealth—namely human, intellectual, social, spiritual, and financial. From the family enterprise to family governance, philanthropy, and more, the authors explore the "what," "who," and "how" of family wealth management. And they help you gain an appreciation for the distinct roles various family members can play in growing and maintaining family wealth, and to form a clear idea of each family member's unique responsibilities in the family enterprise. Certainly, keeping your money in your family is a good thing. But it isn't all that matters. It's only one part of a greater undertaking—in many ways, it's the least important part when it comes to true human happiness. Let Complete Family Wealth show you how to preserve all of your family's assets, come what may, down through the generations.
A Comprehensive Resource for Growing, Maintaining, and Managing Wealth Across Generations The successor to the classic Family Wealth (now in its twentieth year), this book provides updated and expanded information and guidance to deepen the way you think about your wealth and your legacy. Written by a team of leading experts in the field of family wealth management, it offers advisors and their clients indispensable insights into the "what," "who," and "how" of family wealth management. You'll develop an appreciation for the distinct roles various family members play in growing and maintaining family wealth, as well as each of their responsibilities in terms of the family enterprise. Understand the five forms of capital that comprise "complete family wealth" Explore the roles of each family member in helping the family enterprise flourish Learn how friends, trustees, and advisors contribute to family wealth management Adopt specific practices that help families grow their complete wealth and ensure its survival through generations Growth-oriented practices applied today lead to generations of family flourishing in the years ahead. Complete Family Wealth provides the answers you need along with expert guidance and proven strategies for keeping your family's complete wealth intact.
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