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Unique insights to drive your family and family office forward, authored by Family Capital Strategy

7 Core Capabilities for Legacy Families to Develop

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While I am working on a much longer article / white paper on the moment, I wanted to share 7 core capabilities that legacy focused families must develop over time in order to be successful.

Most often, people focus on the first – can the family work together?

While this is necessary, it is not sufficient to address the full panoply of challenges that families face over the generations.

Consider the following:

  • Can we work together?  Do we know how to organize ourselves to accomplish a task?  
  • How are decisions made? How is power exercised within the family? Is this power model durable for the long term?
  • How does the family preserve tradition, but also remain innovative to avoid becoming brittle in a changing world?
  • Can we manage conflict?  Can the family disagree but remain in relationship?
  • Can we manage hardship / suffering?  How will we handle the inevitable griefs that come?
  • Can we welcome others in?  Every generation on-boards both in-laws and the next generation?  
  • Can we learn?  Is the family self-reflective to identify knowledge and skill gaps and capable of the learning required to address?

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