For many ultra-high-net-worth (UHNW) families, wealth planning often begins with the tangible—investment strategies, tax efficiency, and portfolio management. While these foundations remain vital, experience shows they compose only part of the formula for lasting family enterprise success. The crucial element many overlook? The strength of family bonds and shared values that cement your legacy.
Through our work with successful multi-generational family enterprises, we’ve observed a clear pattern: sustainable wealth creation flourishes when families prioritise both financial and human capital. The most resilient family offices understand that strategic planning must encompass not just wealth transition but also the cultivation of family unity and purpose, specifically in three key areas: social relationships, strategic joy, and well-being.
The Happiness-Legacy Connection
The strength of social relationships emerges as a defining factor in successful family enterprises. These bonds create a foundation of trust that facilitates better decision-making and fosters innovation. When family members feel connected and valued, they’re more likely to contribute their best efforts and remain committed to the organization’s long-term success.
Consider SC Johnson, a family enterprise since 1886 that is still thriving five generations later. Business metrics don’t measure their success solely; their ability to maintain strong family bonds across generations is evident. The company’s guiding principle, “This We Believe,” comprises family relationships and well-being in addition to conventional corporate values. This framework has helped them navigate complex family dynamics while building a global enterprise worth billions. Their story demonstrates how structured attention to family relationships can drive multi-generational success, avoiding the “shirt sleeves to shirt sleeves in three generations” curse.
Engineering Family Joy: A Strategic Approach
Lasting family happiness requires intentional effort and strategic planning, beginning by establishing regular gatherings that do not revolve around business discussions. These meetings should create an open and safe space for personal sharing, celebration of individual achievements, and collective goal-setting. The key is fostering an environment where all family members feel heard and valued.
Consider designing a family development program that supports individual growth while maintaining connections to the family’s broader vision and mission. This might include educational opportunities, mentorship programs, or funding for personal projects that align with family values. The emphasis should be on nurturing both individual aspirations and family unity.
Lasting success demands more than just creating these initiatives – it requires attentive stewardship. Monitor how your family’s engagement programs enhance both individual growth and enterprise achievements. Focus particularly on meaningful participation and genuine connection among family members. Above all, ensure your approach remains adaptable, ready to embrace new perspectives as subsequent generations join the family enterprise.
Redefining Family Governance Through Well-being
Modern family enterprises benefit from governance structures that integrate business performance and family well-being. This approach recognizes that both emotional and social capital are as crucial as financial capital to long-term legacy success. Creating a formal governance structure helps clarify roles, responsibilities, and decision-making processes while maintaining family harmony.
To effectively implement this approach, consider these practical governance mechanisms:
- Conduct regular family surveys to assess satisfaction and engagement.
- Implementing conflict resolution protocols that prioritize relationship preservation
- Using decision-making processes that consider emotional impact.
- Creating professional development opportunities that balance individual growth with family needs.
- Regular reviewing of family policies to ensure they support both prosperity and well-being.
The foundation for these should be a shared vision statement and core family values to guide business decisions and family interactions. These foundational elements provide a framework for resolving conflicts and making decisions that honour individual needs and collective goals. When family members understand and commit to these shared principles, they’re better equipped to navigate challenges together.
Effective wealth transition demands looking beyond technical competencies. When evaluating succession, consider how potential leaders strengthen family enterprise culture and unity. Create meaningful opportunities for generations to collaborate through shared governance, strategic planning, and leadership development. These touchpoints build the mutual understanding and trust essential for successful transitions.
Your family enterprise represents a legacy built on more than portfolio value; it embodies your shared values, relationships, and collective aspirations. By focusing on both wealth planning and family cohesion, you create the foundation for sustainable, multi-generational success. The most resilient family enterprises recognize that their true competitive edge lies in the strength of their family bonds and shared commitment to long-term prosperity.
ABOUT THE AUTHOR
As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.
Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.
ABOUT THE AUTHOR
As the Senior Wealth Advisor at Beacon Family Office at Assante, Cory Gagnon has supported successful family enterprises to preserve, protect and transition their wealth since 2011.
Cory’s personal objective as a Wealth Advisor is simple. He is committed to supporting families to take control of the areas of their lives that truly matter to them. This commitment revolves around using specific tools and strategies that enable families to take action with confidence which will support them through life’s critical transitions.
Share this post:
KEEP READING?
Beacon Family Office at
Assante Financial Management Ltd.
Suite 519, 10333 Southport Road S.W.,
Calgary, AB T2W 3X6
