Lessons From the Field #13:
Enterprising Families Prevail
Successful families tend to build wealth through their family enterprises, but there is more to long-lasting family wealth than running your business. As you watch today’s 55 seconds, you may want to ask yourself:
Enterprising families (sometimes called generative families) prepare the next generation by helping them develop their individual unique abilities with the freedom to make the most of what they have to work with.
When it comes to passing on family wealth, your philosophy matters more than the amount.
We have all heard the adage…give a man a fish and you feed him for a day…teach him how to fish and you feed him for a lifetime.
Cornelius Vanderbilt left his huge estate to his children and grandchildren. The problem was he belittled and alienated them resulting in his money all but disappearing by the third generation.
Mayer Rothschild had much less when he passed, but he empowered his family and his grandchildren ended up with the largest private fortune ever… The list of his prominent descendants now numbers over 150.
There’s a big difference between building a family enterprise and building an enterprising family.
What’s your philosophy for passing on your family wealth?