Less than 4% of family businesses and family wealth survives to the fourth generation. That is to say, within four generations, most families that achieve success go from “working the field”, to success, and back to “working the field” within four generations. This is because work ethic, determination, and family values deteriorate without careful cultivation. There are steps that can be taken to mitigate this entropy, embolden family bonds, and ensure each descendant maintains the freedom to pursue their happiness.

This may sound weird, or oddly serious. That’s because we’re not close with many significantly successful families that implement such thinking and practices.

Recommended Reading: Family Wealth (Free Audio Book)

IDEAS:

• Incentivize the consumption and evaluation of books and films deemed seminal to fostering family ethos.
  • How to incentivize without making it feel rote - like school work?
  • Incentivize in younger years if necessary
  • Have a list of books, films, etc and mandate a certain % is processed by each family member to unlock benefits / rewards
  • Needs to feel like rights of passage…
  • Indian tribes and other older societies had rites of passage wherein children would go off with uncles, or aunts, to learn stories / secrets about the tribe
• Mandate financial literacy of beneficiaries to unlock benefits
• Rites of Passage (Tim Ferriss Video)
  • At age X go on trip with uncle/aunt
  • At age X go on trip with grandparent(s)
  • 300, Spartan Rite of Passage
• Not everything should be age locked. Some will meet maturity and metrics faster than others.

To Create

Family Mission Statement

Individual Mission Statement

Individual Résumé’s

• List of mentors (if no mentors, this should be topic of subsequent meeting)

Map weaving individual missions into family mission

Meetings regarding family goals and progress

Meetings regarding individual goals - how can family support goals?

Family Stories