I’ve had the honor and distinct privilege of counseling and advising numerous successful families over the years. It’s safe to say all of them wanted to be high-performance families and create lasting legacies from one generation to the next.
Not all families are able to achieve this intention though. After all, financial strength alone does not bring happiness to family leaders or their NextGen children.
In fact, family wealth often presents significant challenges for family members and comes with a complicated history and some odds that are often not in your favor. In fact, wealth often breaks down family trust and relationships. In addition, family members who are impressively successful in many aspects of their lives tend to be too busy or simply ill-equipped to celebrate their familial heritage and prioritize their family connections. Whether it’s a parent and child, two siblings, or even a few cousins, these family relationships are often ripe with relational chaos and an emotional distance that ultimately put the family’s significant assets at risk. Up to 90% of all families lose their wealth by their 3rd generation, and nearly 90% of all family businesses also disappear during this timeframe.
So, what does it take to be a high-performance, multi-generation family and not become one of these statistics? I was fortunate enough to speak with Chris Yount, former 3rd-generation President & CEO of his family’s business Fortifiber Corporation, a manufacturer and distributor of waterproofing products for home construction. Here’s what he had to say about the real-life lessons he’s learned on what it takes to become a high-performance, multi-generation family.
According to Yount, there are three main pillars to be a high-performance family.