Communication is found to be the most important factor for cohesion in families and sustainability of family wealth. As one of the key tenets to happy, healthy, and thriving families, it is essential for family members to dedicate the effort necessary to become better communicators. Practicing effective communications—including being open and listening empathetically—will go a long way in building strong relationships, especially for families who work together around shared ownership of family assets.
Family Communication and Channels
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One of the most common concerns families have revolves around how to share wealth with family members without encouraging entitlement. With forethought and care, giving well and wisely can bring families together and strengthen the bonds between generations. The steps to giving wisely—and fostering flourishing over entitlement—include clarifying your intentions, understanding your recipients, communicating more rather than less, and letting go of what you cannot control.