Family Leadership Strategies

91 The challenge for current day affluent families is to embrace tradition, as well as change and innovation. To adhere to core values but adapt to evolving social mores. To be more inclusive and adaptive as the family grows in size, and make the difficult choices that ensures the long-term viability of the family and its financial resources. If the time comes for a family to shift to a passive form of ownership of enterprise assets — relying largely upon professional staff and outside executives — they will by virtue of this process be well prepared to play governance roles as informed, active stockholders, and beneficial owners. In closing, family leadership transitions should be viewed for what they are, strategic, long-term endeavors of the most serious nature, the outcome of which will impact future generations and lay the groundwork for success or failure. Leadership transitions are about much more than simply filling one or more key roles. Investing in a well-conceived process will, in itself, open up communication, empower the family, and send the message that each family member is a leader, collectively guiding the future of the family and its assets, while being responsible for their own destiny. Bringing it all together