Most great family fortunes begin entrepreneurially – typically a business, started by a founder, which grows over time to be successful and valuable. The circumstances may vary: however, under most “success” scenarios, the business, the family who owns it, and the primary decision-maker all go through a planned transition. This transition occurs when the decision-making and strategy evolve from being primarily focused on the family business to ultimately being focused on the family wealth enterprise.
In our latest white paper, we discuss the differences between a family business and a family wealth enterprise. We also discuss why families who recognize that they are responsible for a family wealth enterprise and who understand that role is different than the role they played when they were primarily owners of a family business, tend to have a higher probability of success in sustaining their family’s wealth over the long term.