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Family Wealth and Legacy Library

Family Wealth: Keeping it in the Family

Jay Hughes is one of the pioneers of what has become known as purposeful planning. If your family wants to have a shot at becoming a legacy family then you will definitely want to read both of Jay's books. We would recommend that you read his second book first and Family Wealth: Keeping it in the family second. Michael has personally spent time with Jay and he often says that listening to Jay is like having a conversation with Plato or Socrates. Take your time reading his books...they are packed with incredible insights.

 

 

 

 

 

Family: The Compact Among Generations

This is Jay Hughes second book but it actually should be read first so that you get a solid understanding of where Jay will be taking you in the next book. As a financial advisor we were taught to focus on the numbers and the planning, but over the years we have grown to realize that what's best from a numbers perspective isn't always what's best for the family. Jay does a great job in helping us to understand this.

 

 

 

 

 

 

Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values

Williams and Pressier did a lot of research years ago that focused on what were the leading factors that successful families leaned upon to successfully transfer wealth and/or keep the family unit in tact for generations. They have done a great job in laying out what families should be focusing on when attempting to pass assets to the next generation.

 

 

 

 

 

 

Wealth in Families

Charlie Collier was highly regarded for his work with families in helping them to determine "Why" create a legacy. He was the head of philanthropy at Harvard University for many years so his experience is invaluable.

 

 

 

 

 

 

 

The Legacy Family: The Definitive Guide to Creating a Successful Multigenerational Family

This book provides an in depth roadmap to creating a successful multigenerational family. The book covers everything from business succession to communication and the family meeting to wealth planning. It's a wonderful resource.

 

 

 

 

 

 

Your Family Legacy: 32 Ways to Preserve your Family's 'Wealth' for Generations

This short read is designed as a primer to some of the ideas and concepts regarding legacy families. If you have never heard any of these terms or you'd like to introduce another member of your family to some of the concepts this book is a solid choice.

 

 

 

 

 

 

 

Remember the Vine: How to Grow Rich and Stay Rich

This is another short read that uses a story line to make it's points. It's a wonderful read and discussion starter for the entire family. Everyone from teens to the eldest will find things they can appreciate in this story.

 

 

 

 

 

 

 

The Richest Man in Babylon

A wonderful introduction to the world of money and financial planning for teens and young adults. The book was published in 1926 and the information is as valid today as it was then.

 

 

 

 

 

 

 

 

Family Meetings: How to Build a Stronger Family and a Stronger Business

From the books Amazon page: Regular meetings help build a strong family. And a strong family has a much better chance at long term success. In Family Meetings, authors Aronoff and Ward show that holding regular meetings is one of most important ways of ensuring less conflict and more collaboration.

 

 

 

 

 

 

Navigating the Dark Side of Wealth: A Life Guide for Inheritors

Thayer Willis walks you through her personal journey growing up with a lot of wealth (her father co-founded Georgia-Pacific) and she also shares many of her client's experiences. This is worth  your time if you have children or grandchildren that will inherit wealth. Keep in mind that it's not always the size of the inheritance but the fact that it was unearned money.

 

 

 

 

 

 

 

Passing It On: The Inheritance and Use of Summer Houses

Often times the summer home or cottage can be the biggest hurdle to keeping the family together for generations. While the idea of having a "Kennedy Compound" for future generations is appealling, there is a lot of work that the family must think about before attempting to undertake this. If you plan to pass the lake house down to the entire family...you'll be thankful to have found this book.

 

 

 

 

 

 

The Legacy Conversation: The Missing Gem in Wealth Planning

I have often said that if you can pass your wisdom and values to the next generation that even if they lose all of the material riches…they are still wealthy. They also have the framework that is most important in order to rebuild the financial wealth.

 

 

 

 

 

 

 

Philanthropy, Heirs & Values: How Successful Families Are Using Philanthropy To Prepare Their Heirs For Post-transition Responsibilities

Another great book from Williams and Pressier. If cultivating family values is important to you and the family then you will find this guide to be very useful. Philanthropy is a sandbox for building values in the next generation. If family philanthropy is among your goals and objectives then read this book.

 

 

 

 

 

 

 

The Ultimate Gift

This is one of my favorite books. It is told in story format, and helps to remind us and teach our children what is really important. It's another great book to read as a family and have a discussion with your family and your financial planner.

 

 

 

 

 

 

 

 

The Hero's Farewell: What Happens When CEOs Retire

Written from the aspect of the corporate CEO this book is a gem for the family owned business as well. It does two things very well…it helps the current business leader recognize who they are and how they may or may not want to transition from the business. It also provides a glimpse for the next generation to see how the business may transfer based on the current leadership's style. This book has been very helpful in helping our firm begin dialogues about succession and transition.

 

 

 

 

 

 

Scaling Up: How a Few Companies Make It...and Why the Rest Don't

As far as business growth and development is concerned this is one of the best books I have come across. We have used this books internally and externally with clients. One of the things that we often see with family owned businesses is that the business easily supported the founders family, it was fine when it came to supporting the next generation but by the time a family enters the third generation (the cousin generation) the business may not be able to support five. six or more families at the same level as their parents. The only options then are to change expectations or grow the business. Verne Harnish has provided a well laid out framework to help you grow your business.

 

 

Love, Power and Money: Family Business Between Generations

Dean Fowler is recognized as one of the world's leading experts in the emotional dynamics that impact families in business together. We have referred to his work often and can't say enough about this book and his work.

 

 

 

 

 

 

 

Ready, Fire, Aim: Zero to $100 Million in No Time Flat

Tons of valuable information is made available In this book. It's not as much a step by step guide but a wonderful outline and information source for those who are leading a company. It will help you to better understand where you are, what you should be doing and what to do along the different phases of business growth.

 

 

 

 

 

 

 

Topgrading: The Proven Hiring and Promoting Method That Turbocharges Company Performance

It was this book that introduced our firm to a better way of hiring. It will provide enormous value to anyone that has struggled in this area and will act as a solid guide, as well as, provide you with tons of great interviewing questions and techniques.

 

 

 

 

 

 

The Dream Manager

This is a nice story about a janitorial company that struggled with people and profitability. It lays out an out of the box idea for how they increased retention and made more money because of it.

 

 

 

 

 

 

 

 

Family, Inc.: How to Manage Parents, Siblings, Spouses, Children, and In-Laws in the Family Business

There are so many dynamics and situations that will come up when running a family business that do not come up when running other businesses. You will want this on hand prior to having those those situations arise.