“Giving your son a skill is better than giving him one thousand pieces of gold.”
Chinese Proverb
Chinese Proverb
“Unless the next generation are committed, no family
governance will keep the family together.”
Barbara R. Hauser, International Family Governance
| “The wealth transition structures and governance systems a family adopts provide the skeleton of a role clarity and development plan, because the family must choose these structures with a view to its special needs, capacities and constraints. Each component brings the need to adapt existing roles and develop new ones. Without role clarity /development plans, however, neither wealth transition structures nor governance systems can achieve their potential in fostering family wealth continuity. A governance system may lay out the rules of the road for making decisions, but these rules don’t tell family members how to fulfill these decision making roles; they don’t provide the nitty-gritty of what to do, what to say (and not say), how to act, and how to interact with each other to make the governance system work. A role development plan provides education, training and practice that create new kinds of feedback loops within the family wealth system – connections that bolster family wealth continuity instead of undermining it.” Bonnie Brown Harley & Gwendolyn Griffith, Family Wealth Transition Planning “…One salient characteristic of such professionals is that in every role, they seek to incorporate their skills as mentor. In this capacity they aim to assist each family member in performing more competently the functions assigned them in family governance….”
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