From one to many
How do decisions get so complicated? The obvious answer is when you go from unilateral decision making – common with Generation 1 wealth creators (G1) – to group decision making because assets transition to the next generations (G2, G3, etc.). But this is only the tip of the iceberg.
When another generation steps in, decision making characteristics evolve because group membership evolves both in numbers and in personalities. As you progress to G2 siblings, informal decision making may or may not cut it depending on the dynamics of the sibling relationship, how many siblings there are, and whether one or more of them are actively engaged in management of the shared family wealth (or employed in the family business). Decision making among G2 is typically characterized by the individual consultation approach – meaning they simply have a discussion with one another or with G1. In most cases, this may be enough to keep the wheels turning.
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