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.
