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The Family Wealth Sustainability Toolkit: The Manual by Fran Lotery, Fredda Herz Brown

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RELATIONSHIP-BASED COMPETENCIES ARE MOST VALUED

“Leaders are made, they are not born,” claimed celebrated football coach Vince Lombardi, and the business world has largely agreed with him over the years. Human-capital development has special import for a family enterprise because of the highly charged emotional connections involved between stakeholders. High-profile visibility in the external business world can intensify the pressure on families to effectively develop their next-generation leadership. It can be valuable to look at the experiences of other families when planning development initiatives for your own family members.

What personal and professional competencies should a family seek to develop in order to ensure longevity and prosperity of its enterprise? How can a family measure its effectiveness in developing its human capital and selecting its leadership? Considering such factors well in advance of major family transitions will allow for orderly succession planning and smooth change. Given their mutual accountability and concern for sustaining a legacy to benefit future generations, family members are wise to think about the criteria and competencies they may want to promote in their next-generation leaders. In recent history, when industries seem to have shorter lives and when the current jobs will often not be the jobs of the near or distant future, educating family members to be resilient, analytical, and emotionally intelligent become most important. In addition ...

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