Four paths to building a great business family

It’s common knowledge that only a handful of business families continue beyond the third generation as a family with a shared enterprise. How can younger families prepare to join that exclusive club? To gain insights into this question, our research team interviewed members of 100 large, global families. We call these families “generative” because they have succeeded beyond their third generation as both a thriving business and a connected family. A generative family is more than the owners of a successful business — they continually create both financial and non-financial wealth across generations.

After the first generation, these families shifted their attention from creating new wealth (although this was still important) to building and sustaining a great family. They became more attuned to creating non-financial “wealth” through personal relationships, the skills and capabilities of their children, and shared activities that sustain their community and environment.

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About the Author(s)

Dennis T Jaffe

Dennis T. Jaffe, Ph.D., is an adviser to families focusing on family business, governance, wealth and philanthropy. He leads Wise Counsel Research’s “100-Year Families” study.


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