What would you rather in your family: to manage conflict or avoid it completely? Before you jump to door number two, snap out of fairy tale land and accept that family conflict cannot be avoided. Conflict is a part of any relationship, and especially present in families, and even more so when significant assets are added into the mix.
When family members are driven by self-interest, this leads to zero-sum dynamics. The ‘losers’ in any conflict will eventually get their chance to harm the ‘winners’ and these forces are a destructive influence on the whole family.
What helps families thrive through generations is unity, and that is supported by (among other things) the ability to manage conflict. Indeed, dealing with and resolving conflict can lead to a shared sense of purpose which strengthens family bonds and determination, rather than perpetuate long-term rivalries.
Having a framework and common set of rules for those connected to the wealth is essential, as is maintaining transparency and ensuring individuals and their needs are recognised and considered. Allowing for the division of assets under specific circumstances can potentially mitigate some aspects of conflict.
Actionable Generational Wealth Succession
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