Most family business owners and wealth creators share an important vision: perpetuating family and wealth for many generations to come. To ensure wealth continuity, many families put into place various structures, plans, and processes, including estate plans (which may include multiple trusts), ownership succession plans, governance structures/strategies, and others. These sometimes-elaborate plans are aimed at preserving family wealth. In reality, for many families, they don t. In fact, it has been estimated that a majority of estate plans in place fail, largely as a result of family...

Rather than having to choose between the family and the business, the authors argue that if family-owned businesses can consciously manage and over time, perhaps, synthesize these contradictions, the Family Enterprise will have a long-term strategic and competitive advantage and the family will remain committed to continuity.