Family leaders do not plan to fail. They just fail to plan.
Family leaders typically “hope”...
- their family will understand each other and get along
- their family will be connected and have family gatherings
- their family members will follow the family values and traditions once established by the family leaders
- their financial inheritance will be used prudently and not frivolously squandered
The odds are against them. Nine out of ten plans fail to keep the family unity and financial wealth together past the third generation.
Every family is led, but few are led on purpose.
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