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Family businesses are an essential source of prosperity and stability to both our global economy and our society. The characteristics and practices of large, long-lived family businesses serve not only as a model for other family businesses but also for all companies that aspire to maintain an entrepreneurial spirit, innovate and maintain growth. T...

Families experience significant and sometimes difficult changes over the years as elders pass on and new family members grow into leadership roles. What worked for a two-generation family with five members may not work when the family reaches the fourth generation and now involves multiple households with varying wealth structures.The word “c...

Learning and practicing the basics of money management can have a profound impact on a young child’s life. What parents often overlook, even those who are investors themselves, is taking the education to the next stage once their children get older—say, around age 11 or 12. At that point, it may be the right time to start a conversation about inves...

At some point, most families ask if they should have a family meeting, recognizing the importance of providing a forum for sharing news, concerns, opportunities, and challenges in an open and direct way. Family meetings are often seen as a great place to learn, whether the topic is investments, business, legal matters, or the family itself. Further...

The obvious reason to encourage wealth in a free society is that the lure of becoming rich is what motivates many talented people to put those talents to use in the service of human betterment. The world has been infinitely enriched by people who started out poor or middle class but who became rich by building something extraordinary.

Parents often struggle with determining when to talk with children about family finances, what information to share and how family wealth can be used to provide children with the best resources and opportunities without creating passive expectations that discourage financial independence. This sourcebook provides recommended resources categorized b...

Questions of what should be revealed, to whom and when all make up what Inheriting Wisdom refers to as the “Transparency Myth.” The Transparency Myth relates to the belief that transparency among families, although generally considered a good attribute, can also have less productive results if offered at inopportune times. This paper examines in-de...

Despite the best of intentions, transferring an investment property or vacation home to more than one recipient – without first considering the financial and emotional repercussions – may cause disputes, confusion or unexpected responsibilities. Answering the questions posed here can help provide valuable guidance.

When surveyed two years ago, U.S. family businesses were warily eyeing their next big bet but hesitant to place it. Now, they’re actively playing their hand. This report highlights the views of 100 owners, leaders and top executives of U.S. family businesses across a variety of industries.

Approached the right way, a prenuptial agreement can strengthen the bonds of marriage and encourage a productive, healthy discussion of finances and expectations. Many religions require a discussion of finances in premarital counseling, but talking about money is very difficult and not a topic many people are accustomed to discussing.

When the time comes for assets to be dispersed among heirs, everyday objects of sentimental value can become contested belongings. Many parents admit to worrying about the sibling rivalries this process may stir up. Yet, uncertain how to confront these issues, many tend to simply hope for the best. A better course of action: proactive discussion, a...

Parents want to do what is best for their children and teach them appropriate life lessons at appropriate developmental stages. Knowing what to teach children when is an art, something at which every caring parent wants to be successful. The skill building pyramid outlined in this paper provides a means to gain clarity as to what, specifically, par...

If a family wants to increase its economic capital, it must work on its human capital – its emotional, social and intellectual competencies. Although it may be challenging to keep economics from dominating emotional life and vice versa, sharing assets can provide an opportunity to develop family members who are financially and organizationall...

Not every family member may want to be directly involved in a family’s core operating business. However, that doesn’t mean they can’t be part of the family’s legacy. A family bank gives all family members the opportunity to be “makers” rather than simply benefiting from the hard work of those who came before them...

Many wealthy families envision keeping a shared property in the family as a means of building family unity, harmony and legacy. A number of notable families have been successful at this, but many others find the reality creates the opposite of their intention.