1/ Here's the backstory of how I first became involved in the work of family wealth.
Early in my career, I was a junior analyst in a multi-family office. I worked closely with two rich client families...
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Early in my career, I was a junior analyst in a multi-family office. I worked closely with two rich client families...
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2/ The 1st family had a $5B+ net worth and a successful international mining operation. Its family members were widespread and living in multiple countries.
The 2nd client family was based in the US Midwest, did business in commodities, and was nearing $1B net worth.
The 2nd client family was based in the US Midwest, did business in commodities, and was nearing $1B net worth.
3/ By all appearances, the 1st client family should have been the most wealthy and interesting to work for.
However, it was the 2nd family that had my affection. While they had financial success, they also possessed a strong unity, love, and culture that was absolutely magnetic.
However, it was the 2nd family that had my affection. While they had financial success, they also possessed a strong unity, love, and culture that was absolutely magnetic.
4/ The 1st family was ruled by a cold, distant wealth creator. The generations were alienated, engaged in hostile legal battles for control.
The 2nd family was extremely successful at getting all generations involved - remarkably even the spouses of children and grandchildren...
The 2nd family was extremely successful at getting all generations involved - remarkably even the spouses of children and grandchildren...
5/ They were enthusiastic about the knowledge and experience that new in-laws brought into the fold. They happily used family resources for initiatives spearheaded by in-laws.
Decisions were discussed and voted upon in an open, calm, fun environment. Acceptance & unity ruled.
Decisions were discussed and voted upon in an open, calm, fun environment. Acceptance & unity ruled.
6/ They actually liked one another, choosing each other over all other alternatives for connection. No one dared miss a vacation or the annual family summit.
They also did not limit "family" to blood but made special effort to include others, including myself, as family members.
They also did not limit "family" to blood but made special effort to include others, including myself, as family members.
7/ While both families were on the cusp of an active 4th generation rising into the family business, it is only the 2nd family who is still in position to succeed well into the future.
Sure, the 1st family has more financial resources. But not much else.
Sure, the 1st family has more financial resources. But not much else.
8/ It was through this experience that I learned the key lesson of family wealth:
It's one thing to be a rich family with money. It's entirely another to be a wealthy family.
It's one thing to be a rich family with money. It's entirely another to be a wealthy family.
9/ Only families with a proper long-term outlook, a complete understanding of their wealth, and an actually love and enjoyment between members can grow and prosper over many generations.
10/ In the following decades since, I have served as private advisor and confidant, working closely with high net worth families who want to push the longevity limits of their family's wealth into the hundreds of years.
11/ It is rewarding work that's endlessly fascinating.
It strikes me how few of these "secrets" make it out into the open.
I believe that every family, with members who are intentional enough to be reading this thread, would benefit from putting these secrets into practice.
It strikes me how few of these "secrets" make it out into the open.
I believe that every family, with members who are intentional enough to be reading this thread, would benefit from putting these secrets into practice.
12/ That's it! I hope you've found this thread helpful and interesting.
If so, please Like/Retweet the first tweet. It helps me know what resonates with readers.
You should also follow me @500YearFamily for more "secrets" that will help your family flourish.
If so, please Like/Retweet the first tweet. It helps me know what resonates with readers.
You should also follow me @500YearFamily for more "secrets" that will help your family flourish.
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