Complete Family Wealth
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- Type：Epub+TxT+PDF+Mobi
- Create Date：2021-12-31 19:21:11
- Update Date：2025-09-06
- Status：finish
- Author：James E. Hughes
- ISBN：1119820030
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Summary
What matters most in managing the family enterprise
Complete Family Wealth is a comprehensive resource for growing， maintaining， and managing wealth across generations。 A successor to the classic Family Wealth， now in its 20th year， this book provides updated and expanded guidance to change the way you think about your wealth and legacy。 This team of expert authors—who brought the field not only Family Wealth but also Family the Compact， The Cycle of the Gift， The Voice of the Rising Generation， and Family Trusts—ground Complete Family Wealth in a clear account of the “five capitals”: human， intellectual， social， spiritual， and financial。 The discussion covers the “what，” “who，” and “how” of family wealth management in clearly-delineated chapters that allow you to dip in as needed， from the principles of family enterprise to family governance， philanthropy， and more。 Each family member plays a distinct role， and by exploring each member’s responsibilities in terms of the family enterprise， this book provides insights and ideas for real-world families struggling with all-too-common challenges。
Growth-oriented practices today lead to generations of family flourishing in the future。 This book provides the answers you need along with guidance and strategy for keeping your family’s complete wealth intact。
Understand the five forms of capital that comprise “complete family wealth” Explore the roles of each family member in helping the family enterprise flourish Learn how friends， trustees， and advisors contribute to family wealth management Adopt specific practices that help families grow their complete wealth and ensure its survival through generationsFamily wealth can sometimes feel like more of a burden than a blessing。 Developing the right understanding， character， and structures can improve family enterprise management and protect all your family’s capital from whatever the world throws your way。 Complete Family Wealth is a one-stop reference for ensuring a positive legacy for future generations。
Reviews
Hughes et al make an interesting case for how to approach family management with a "7-generation" mindset。 Steeped in Western values that extoll wise stewardship， confederal-style cooperation， and honoring individuality， this primer sets up the reader for not only other titles in the authors' portfolio of offerings， but also encourages him and her to think about how their family can be multi-generational too。 Hughes et al make an interesting case for how to approach family management with a "7-generation" mindset。 Steeped in Western values that extoll wise stewardship， confederal-style cooperation， and honoring individuality， this primer sets up the reader for not only other titles in the authors' portfolio of offerings， but also encourages him and her to think about how their family can be multi-generational too。 。。。more
Don't let the middling， three-star review lead you astray: I actually recommend this book for the very tiny number of people in its audience。 There simply aren't very many other books that even try to address the dynamics of extremely wealthy families。 This book's shortcoming is that it is hamstrung by its brevity。 It's treatment of subjects tends to be very high-level and cursory。 While good， it is almost certain to leave you wanting more。 It covers a ton of subjects in ~150 pages， which means Don't let the middling， three-star review lead you astray: I actually recommend this book for the very tiny number of people in its audience。 There simply aren't very many other books that even try to address the dynamics of extremely wealthy families。 This book's shortcoming is that it is hamstrung by its brevity。 It's treatment of subjects tends to be very high-level and cursory。 While good， it is almost certain to leave you wanting more。 It covers a ton of subjects in ~150 pages， which means that many of them get only 3 or 4 pages， which is just enough to scratch the surface rather than give any kind of deep dive。The target audience for this are families with "dynastic wealth"。 That is， so much money it is going to last several generations。 In practice that means， I dunno， over $20 million？ Something like that。 A lot of the advice is also based around assuming this wealth has been in place for a while and there are several generations at play。I'd say the "target persona family" is something like $100 million and 20+ members of the family from 3+ generations， with the financial entrepreneur who started the whole thing in their 70s， if not actually passed away already。 That doesn't mean it is useless in other situations but it does mean some of the advice is less immediately useful。So the audience for a book like this going to be tiny。 I'm not in it。 But it gives good， albeit somewhat cursory guidance， on a wide range of topics。 How to deal with the 3rd， 4th， and later generations that are increasingly distant from the original source of wealth （likely a family business of some sort）。 How to accept that maybe none of your heirs are or want to be entrepreneurs like Grandpop was？ How to integrate spouses so they don't feel "lesser" than "real" family members？ How to discuss prenuptial agreements？ How to discuss the family wealth with your children at various ages？ How to look for friends who aren't just hangers on？ How to think about loans from the "family money" if someone wants to start a business？Unsurprisingly， in many cases the advice is fairly straightforward and just involves pausing for introspection and communicating clearly。 While true-ish， I think the book's biggest weakness is that it doesn't give enough frameworks for these times of introspection or communication。The most intriguing sections are about family governance。 If you've ever been in the management of a group at work， there is a lot that is familiar。 Surveying family members to see what problems and challenges they think the family is facing。 （Keep in mind， there might be 40+ family members; maybe only 5 of them are directly involved in the family business these days。） Coming up with family values and missions statements， to try to keep dozens of people on the same page over generations， instead of fracturing and drifting apart。 Having family meetings （preferably at an off-site， not someone's house， and probably with a professional facilitator in the first few） -- quarterly or annually -- to go over family business， big happenings in the family， workshops， etc。 （They recommend two half-days of family meetings。）One of the most striking points they make: a family like this probably spends quite a lot of money on maintaining and improving their financial wealth。 How much money are they spending every year on maintaining and improving their families human capital， intellectual capital， social capital， and spiritual capital？ 。。。more
Read it twice。 Some of the guidance geared toward the ultra-wealthy yet provides insights into intergenerational wealth management for more modest estates。 Much appreciate the focus on wealth not just as financial but also in terms of human， intellectual， social and spiritual capital。
Very nice。 Will be re-reading it again in a few years。 Great way to pass down the values to help future generations retain accumulated wealth。
A book on how running a business and keeping a family together are sides of the same coin。 Often with very different time horizon but still very similar from an overall governance perspective。 This level of sophistication is rare but seems to be critical in order to maintain wealth across multiple generations， for all kinds of wealth。 Maybe one thing we should take away from this is the atom in society is not really an individual but a family。
A must read
Very thorough textComplete in its， coverage， you never read this work and get the impression that something is missing。 So many perspectives are covered， you get a fair degree of confidence that you’re being equipped with the why and the what of how family wealth should be considered。
Reference
google book https://www.google.com/search?tbm=bks&q=Complete Family Wealth
hathitrust digital library https://babel.hathitrust.org/cgi/ls?q1=Complete Family Wealth&field1=ocr&a=srchls&ft=ft&lmt=ft