The four “Cs” of flourishing families

Families that want to flourish over time need to foster qualities and skills that contribute to success beyond the investment and oversight of financial assets. Families that thrive for generations actively work on what we call the four Cs: clarity, communication, culture and cohesion.

Vision, purpose, values

Part of the core building blocks that contribute to future success, a family’s vision represents the long-term future that the family is working toward. A family purpose articulates why this vision is important. And clarifying family values helps create more cohesion within a family.

Deliberate communication among family members can support deeper understanding and strong family relationships. But they don’t happen organically. Whether in a family meeting or over family holiday dinners, there are tools and best practices that can help foster more fruitful conversations.

Engaging the rising generation

It’s important to provide opportunities for the rising generation to develop skills and gain needed financial literacy. Creating openings for learning, failing and succeeding are critical to long-term success and educating all rising family members can help level the playing field.

Philanthropic strategic planning

Philanthropy can be a unifying force, bringing a family together around a shared purpose. Thinking carefully about the causes your family will support and the organizations you will fund are key to creating an effective philanthropic plan based on your shared values.

Families with businesses most often overlook family governance, yet in the long run, it may have the greatest impact on the cohesion of the family enterprise. Assessing the needs, strengths and challenges of the family-business system can help determine the most appropriate forms of family governance.

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