A Case for Purpose First Family Wealth
Much has been written about the importance of a purpose first approach in business, if the business aspires to continuous transformational change while maintaining customer loyalty. This view should be no different for families of significant wealth co-managing assets like a business. Families who consciously choose to approach family wealth with a purpose first mindset are committed to evolving for inner growth to achieve the broader goal of connecting family members together to steward shared wealth across more than one generation.
Without an expressed shared purpose created by all family members to inform the family’s long term vision and mission for their shared wealth it is all too easy as humans to default to making decisions and living life based on individual needs and desires. With the wealth creator generation, family purpose is more likely than not defined by that one individual or married couple. When multiple generations and family branches are involved, how the family wealth continues to grow, be deployed, and is consumed must be determined by numerous stakeholders; thus, purpose is no longer singular and should be redefined as of a collective group whose bonds are both financial and blood relationships.
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