Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
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Family Wealth: Keeping It in the Family--How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations (Bloomberg Book 34)
Today, all Rockefeller family members are invited to meet once a year at the family seat. The agenda includes individual concerns, generational concerns, and familywide concerns. The Rockefeller vision—that each generation has issues unique to it and that it must deal with—is brilliant. In every system of family governance a critical part of the sy
... 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)
But families attempting to overcome the “Shirtsleeves to shirtsleeves in three generations” proverb should define short-term as twenty years, or one generation; intermediate as fifty years, or two generations; and long-term as one hundred years, or three generations. This difference of view profoundly affects the nature of the assets and liabilitie
... 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)
The mission of family governance must be the enhancement of the pursuit of happiness of each individual member.
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)
The human capital of a family consists of the individuals who make up the family. The intellectual capital of a family is comprised of the knowledge gained through the life experiences of each family member, or what each family member knows. The financial capital of a family is the movable and immovable property it owns. A family must know whether
... 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)
The assets of a family are its individual members. (D) The wealth of a family consists of the human and intellectual capital of its members. A family’s financial capital is a tool to support the growth of the family’s human and intellectual capital. (E) To successfully preserve its wealth, a family must form a social compact among its members refle
... 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)
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)
Every family I have observed that is successfully preserving its wealth is a reflection of the five virtues of truth, beauty, goodness, community, and compassion. Transcending all of these is its reflection of love. Families who preserve their wealth successfully reflect these virtues in their relationships both with family members and with all per
... 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 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.