Lessons in Legacy, Chapter One: The Legacy landscape - Flipbook - Page 14
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VIEWS FROM
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Providing children with the chance to experience what it’s like to work for your
wealth is still often felt to be the best way of preparing them for the eventual
inheritance and ensuring they appreciate what it means to be a responsible
owner of the wealth.
“For some families, the legacy can be educating the next
generation to be the best possible owners, that is
a legacy in itself.”
M A R I A V I L L A X , H E A D O F FA M I LY G O V E R N A N C E
AND SOLUTIONS, BEDROCK
Working for your wealth can come with pitfalls - being the “boss’s child” can
be a lonely and challenging place for many next gens and often requires extra
effort on their part to credentialise who they are and what they can achieve.
Accompanying the experience with external next gen support and development
and allowing them to showcase their strengths remain a vital part of passing on
the legacy, particularly where that legacy involves a family business.
“The two enemies of the next generation are wealth and
entitlement. In this context I love the concept of earned
entitlement. Earned entitlement is defined by the
fact there is a responsibility passed on.”
D R J U S T I N C R A I G , V I S I T I N G P R O F E S S O R O F FA M I LY
E N T E R P R I S E AT K E L LO G G B U S I N E S S S C H O O L
C H A N G I N G AT T I T U D E S TO WA R D S L E G A C Y
T
MARKE
THE
Where a proportion of wealth is still allocated for the next generation, then the
focus on next gen education and development remains critical. This has become
a growing offering of many within the wealth management industry - once the
preserve of private banks, an increasing number of professional services firms
now use the talent and knowledge within their firms to support next generation
clients. In addition, next generations have formed their own networks to provide
education and support to each other to develop the skills to survive and thrive
within a wealthy family and be prepared for the future.
M
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OM THE MA
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BOODLE HATFIELD
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