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)
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
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Long-Term Wealth Preservation as a Question of Family Governance
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)
What are the issues a family mission statement needs to address to define the family’s purpose, vision, values, and goals?
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)
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.
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)
I believe that many families could strengthen their family governance practices by implementing a trustee reaffirmation system.
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 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)
It must encourage the geographic diversification of human assets. The world is becoming smaller every day. Families must participate in all corners of the world if they are to meet the challenges of a global world.
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)
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
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