Lessons From the Field #12:
You Cannot Do It All Yourself
Though you may be the one most responsible for the wealth you have, going it alone is a losing proposition. As you watch today’s 55 seconds, you may want to ask yourself:
Family wealth that endures is usually a result of unselfish leadership and a close knit team of confidants continuously working to make things better.
Most successful people got there by doing things their way but building family wealth is a team sport.
In the words of Andrew Carnegie, “No one will make a great leader who wants to do it all themselves or get all the credit.”
I worked with an entrepreneur who built a wildly successful company in a very short period…so much so he became overconfident and ignored the advice of his spouse and his advisors.
It was not long before his once thriving business and loving family were both in ruins.
Building wealth that endures takes patience, humility, courage, and being open minded enough to plan and act productively with family members and a wide variety of professional advisors.
How much of your family’s future depends on you, and how much can your team handle?