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Complete Family Wealth



Complete Family Wealth

James E. Hughes Jr., Susan E. Massenzio, Keith Whitaker

ISBN: 978-1-119-45321-5 November 2017 208 Pages

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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 generations

Family 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.

Preface xv


An Invitation 1

A Welcome from James (Jay) Hughes, Esq. 1

A Welcome from Dr. Susan Massenzio 3

A Welcome from Dr. Keith Whitaker 4

The Path Ahead 5


CHAPTER 1 Complete Wealth 9

Right Understanding 9

Complete Wealth 10

The Five Types of Capital 11

Growing Capital 12

A Provocative Comparison 16

Measuring Qualitative Capital 16

The Family Balance Sheet 18

CHAPTER 2 Family Enterprise 23

Affinity 23

Flourishing 24

The Three-Circle Model 26

Active Ownership 30

Transition 31

Time 33

CHAPTER 3 Principles 35


The Rising Generation 39

Why Rising? 39

The Effects of the Black Hole 40

The Challenge 41

Meeting the Challenge 44

Rising in the Middle Passage 46

Setting Off 47

CHAPTER 5 Parents 49

Giving 49

Know Thyself 50

Nothing Too Much 51

How Much Is Enough? Fair versus Equal? 52

Communication and Control 52

Giving as Grandparents 54

Letting Go 55

CHAPTER 6 Spouses 57

Tough Questions 57

Fiscal Inequality 57

Three-Step Process 59

Spouses and Family Meetings 61

Blended Families 62

CHAPTER 7 Elders 63

“Old Age Hath Yet Its Honor and Its Toil” 63

Characteristics 64

Two Practices 65

CHAPTER 8 Trustees and Beneficiaries 69

Human Consequences 69

Vocabulary 70

Activity 74

Distributions 77

Conclusion 81

CHAPTER 9 Advisers 83

Questions to Consider 83

Money 84

Personnes de Confiance 85

Counselors, Coaches, and Facilitators 86

Mentors 87

A Father’s Wisdom 87

CHAPTER 10 Friends 89

Friends as Wealth 89

Wealth and Friends 91


CHAPTER 11 Character 95

History 95

What Works 97

CHAPTER 12 Work 99

Meaning 99

Strengths and Flow 100

The Human Work 101

Play 102

CHAPTER 13 Talking with Children about Wealth 105

Development 105

The Power of the Teachable Moment 106

Are We Rich? 106

Curiosity 107

Allowances 107

Adolescents 108

Managing Privacy 110

CHAPTER 14 Prenuptial Agreements 111

Introduction 111

What Is a Prenuptial Agreement? 112

How Best to Approach a Prenuptial Agreement 114

For Parents of the Prospective Spouses 115

CHAPTER 15 The Family Executive Summary 117

Definition 117

Purpose 118

Process 118

Presentation and Next Steps 119

CHAPTER 16 Family Meetings 121

Preparation 121

Why? 122

What to Do in a Family Meeting? 123

Who to Have at a Family Meeting? 124

When to Hold a Family Meeting? 125

How to Run an Eff ective Family Meeting? 126

Where to Hold the Meeting? 127

CHAPTER 17 Family Stories and Rituals 131

The Stuff of Life 131

Rituals 133

CHAPTER 18 Family Mission Statements 137

Why a Family Mission Statement Matters 137

What Is a Family Mission Statement? 138

How to Create a Family Mission Statement 139

How to Use a Family Mission Statement 140

CHAPTER 19 Family Governance 143

Humility and Freedom 143

Constitution, Council, and Assembly 144

Design 147

Ratification 148

CHAPTER 20 Financial Capital 151

Return 151

Two Practices 153

CHAPTER 21 Family Philanthropy 159

The Benefits of Family Philanthropy 159

Philanthropy for the Family 160

Getting Started 161

Magnificence 162


Individual Flourishing 165

Many Blossoms 165

The Five Ls 166

The Four Cs 167

Three Little Words 168


The Future? 171

About the Authors 175

Index 177