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Archives for January 2018

Sustaining Financial Wealth Over More Than 3 Generations

January 25, 2018 by Avi Kantor

Much of our work focuses on the opportunities and challenges of first generation wealth creators and their immediate descendants. One of the sayings that’s inspired our work is the warning “shirtsleeves to shirtsleeves in 3 generations”; that is, wealth does not survive beyond 3 generations.

The article below offers a glimpse into how the Rockefeller family has sustained its wealth beyond three generations.

The Rockefellers vs. the Company That Made Them The Rockefellers

The article is instructive because it points out some of the long-term strategies and obstacles for families who aspire to sustain their financial wealth over more than 3 generations. These include:

The growing number of the extended family members over multiple generations.

The basic math suggests that at some point, unless there’s another large influx of money from investments or new ventures, the demands for withdrawals will exceed the growth of the underlying financial assets. In anticipation of this eventuality, we take the position that a family culture that emphasizes:

  1. The long-term greater good of the family
  2. Gratitude (and avoiding greed, over-consumption, and entitlement)
  3. Elevates prudent risk-taking and entrepreneurism is something to strive for.

The ability to continue to engage in dialogue and to develop strategies as an extended family, especially the ability to foster inter-generational collaboration.

As a family grows in numbers, so too does the diversity of ideologies and opinions of family members. In the article, the banter between the Federal Judge and the Exxon attorney about whether the Rockefeller initiative against Exxon is “disturbing” (as the Exxon attorney states) or “ironic” (as the judge viewed it), highlights the generational differences that the Rockefeller family has dealt with. Yet the Rockefeller family has apparently managed to maintain a civil discourse and family harmony, despite the activism of younger generations

The long shadow, the legacy – both positive and negative – of the wealth creators.

Like the Rockefellers, many families continue to hold their wealth in the stock of the original company that created the wealth. Whether or not this is or will be prudent in an increasingly volatile, unpredictable future is unknown. However, a wealth creator has the opportunity to prepare younger family members for the opportunities and responsibilities of great wealth. This may or may not include the freedom from retaining the stock of the original company and perhaps instilling an entrepreneurial mindset in the culture of the family.

Finally, the article hints at the power of a higher purpose, a noble cause, and the ability to wield influence through philanthropy, as well as business. I was struck by the quote attributed to John D. Rockfeller:

As a nation looking proudly to our past where it has been noble, and recognizing with humility our mistakes of extravagance, selfishness, and indifference, let us with faith in God, in ourselves, and in humanity, go forward courageously resolved to play our part in worthily building a better world.

Avi Kantor

Filed Under: True Wealth Tagged With: Family Culture, Stewardship, True Wealth

The Curse and Blessing of Family Wealth

January 1, 2018 by Avi Kantor

Thayer Willis has a unique background to write about the psychological challenges of wealth. She was born into the founding family of the Georgia-Pacific Corporation, enjoying the privileges of extreme wealth and suffering some of the many tragedies that children of wealth experience. In her professional career, she has developed a counseling specialty working with wealthy families, especially wealth inheritors, on the “dark side of wealth”.

In this article, Thayer talks about this dark side, especially the focus on financial assets and the ingratitude that can dominate the thinking and lives of children born into extreme wealth.

Why Family Wealth is a Curse

Thayer also wrote a second article on the blessings of family wealth. Interestingly, this article has not been as widely read as the “Curse” article. Yet, in this article, she provides hope and advice on overcoming the “Curse”.

Why Family Wealth is a Blessing

One of the reasons we founded the Certior Group on the principles of Empowered Wealth was because of my own experiences seeing the positive impact Gratitude and True Wealth had within my own family and the families of the people we work with. Thayer Willis’ articles reinforce our vision that we can make a difference by helping individuals and families build a solid practice of Gratitude and focus on the things that really matter – like love, support, and making wise choices.

Filed Under: True Wealth Tagged With: Family Culture, True Wealth

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