Family Leadership Strategies

41 well-worded sentences, to a longer discourse on the obligations of wealth or the need to find meaningful life pursuits. Some families will codify family constitutions. Regardless, a family’s values and the declaration of principles are critical to ensuring that future decisions (and future generations) are influenced with these concepts in mind. The stronger the values and the clearer the principles, the more effective they will be well into the future. Ideally, all key family members 3 should meet to openly discuss the need for the transition, their personal definitions of success, their desired outcomes, long-term hopes and goals for the family and the enterprise, as well as their risk factors, and ongoing governance. This process not only reveals the intended outcomes and decisions, but also fosters inclusion, increased understanding, and accommodation between family members. Senior Board directors Extended family seniors Key enterprise relationships Key foundation constituencies Key community constituencies Siblings/cousins Extended family Key enterprise executives Expanding circle of communication Finding common ground