Passing skills to the next generation

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Passing skills to the next generation

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Legacy families are families that remain successful. By that, I mean, productive and contributive, four to five generations past the wealth creator. I use four to five generations because, wealth generation goes shirt sleeve, to shirt sleeve within families. I've been looking at families that have created a lot of success and a lot of wealth, in terms of what's going to happen as we go down the line generationally. In order to sustain the success of those families as they become much larger, you have to pay as much attention to the business of the family as much as they have paid enough attention to the business of the business. We pay a lot of attention to the business of the business. We have planning and strategic meetings, hold people accountable. That's why a business becomes successful. Well, that same concept needs to apply to families. First, the initial family, and then a multi-generationally family needs a strategic plan, need to communicate, need now to deal with conflict. They need to learn how to make collaborative decisions as a family. That is the whole business of the family, which is what I wrote about.

Watch Lee Hausner, PhD's video on Passing skills to the next generation...

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Lee Hausner, PhD

Clinical Psychologist & Author

Dr. Lee Hausner is an internationally recognized clinical psychologist, business consultant and family wealth advisor. She served as the senior psychologist for the Beverly Hills Unified School District for 19 years. She is currently the Senior Managing Director for First Foundation Advisors. An acknowledged expert on psychological issues involving wealth and wealth transfer, she was a presenter at the World Economic Forum in Davos-Klosters, Switzerland, and is a frequent participant at the high wealth/private client conferences for major financial institutions. She is a frequent guest on national radio and television and a quoted expert in national publications such as The Wall Street Journal, Times, Forbes, Fortune, Privilege, Town and Country and Worth Magazine.

Dr. Hausner is the co-author with Doug Freeman of A Founder's Guide to the Family Foundation, published by the Council on Foundations and is the author of the seminal work regarding wealth and the family; Children of Paradise: Successful Parenting for Prosperous Families. In addition, Dr. Hausner incorporated her unique six-step transition model for succession in family business in the critically acclaimed family business resource book Hats Off to You 2: Balancing Roles and Creating Success in Family Business, of which she was a co-author.

Dr. Hausner is a graduate of Northwestern University (BA, Psychology), San Francisco State University (MA, Psychology), and Kensington University (PhD, Psychology).

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Transcription: 
Legacy families are families that remain successful. By that, I mean, productive and contributive, four to five generations past the wealth creator. I use four to five generations because, wealth generation goes shirt sleeve, to shirt sleeve within families. I've been looking at families that have created a lot of success and a lot of wealth, in terms of what's going to happen as we go down the line generationally. In order to sustain the success of those families as they become much larger, you have to pay as much attention to the business of the family as much as they have paid enough attention to the business of the business. We pay a lot of attention to the business of the business. We have planning and strategic meetings, hold people accountable. That's why a business becomes successful. Well, that same concept needs to apply to families. First, the initial family, and then a multi-generationally family needs a strategic plan, need to communicate, need now to deal with conflict. They need to learn how to make collaborative decisions as a family. That is the whole business of the family, which is what I wrote about.