It is interesting how most of the wealth of America is held by families over generations. If families can work together, they can amass a large amount of wealth over two or three generations. Why isn’t everyone doing it?
People have different interests and do not want to be a part of the family business for one, but if you can get past that hurdle, you still have to confront the issue of family/business governance.
Who is to lead after the initial wealth creator steps down? What are the processes for grooming leaders? How do you resolve conflicts if “just talking about it” doesn’t work?
Successful families develop a structure, with clear expectations and procedures. What rule/policy would you suggest if you were building your empire?