In this episode of Success That Lasts, Jared Siegel talks about qualitative capital, family businesses, generational wealth, and how we can combat the three-generation cycle of families’ failure to prosper.
Tune in here, at delapcpa.com/podcast, or wherever you listen to podcasts:
Here are a few highlights:
- “Family businesses are among the world's most enduring and ubiquitous economic and social institutions,” Jared comments. “Through the foundation of social relationships and communities, successful family enterprises are incredible engines for generating wealth and expressing the owners’ values about business and the community.”
- Successful families that have been able to manage wealth across three generations for over 100 years typically demonstrate the following six qualities:
- shared values and core purpose;
- relational resilience;
- long-term business resiliency,
- growth and development;
- education to the next generation about personal freedom and family responsibility, stewardship, and values;
- commitment to the community beyond the family.
The Family Balance Sheet