A family intent in creating dynastic wealth needs to create a strong glue to keep the family together. Without this glue, the centrifugal forces will pull family members into different directions and, ultimately, the splitting-up of the wealth to the family members. Whilst this is not necessarily bad, keeping the wealth together does provide for economies of scale (diversification, fees and access to know-how) that should not be underestimated. By forming a family council, the family can together create a vision of how the family is to pass on their wealth to the next generation and how to start the process of having family members participate in creating the dynastic wealth of the family for future generations.
How can the wealth be passed on to the following generations?
About the Author: Rebeka Kulcsar-Kurdi
Rebeka studied traditional art techniques at the University of Fine Arts in Budapest. Since graduation, she has been working with both big companies and small startups, as corporate and private clients. She is always keen to learn something new in the wonderfully complex field of creative design.