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Generational Differences Can Lead to Succession IssuesGenerational Differences Can Lead to Succession Issues

Considerations for private client attorneys when advising family enterprises.

10 Min Read
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Succession within family enterprises is complicated by numerous factors—history, interpersonal relationships, power dynamics, emotions—that influence the beliefs and the objectives of interested parties. Our recent research of family enterprises (and their private counsel) clarifies that the founding and inheriting generations possess distinct views that further cloud the issues related to succession and can make it difficult to construct and execute plans to ensure the continuation of the family business, wealth and values.

Our research was part of a global survey we conducted with representatives of two types of family enterprises: single-family offices (SFOs) and family businesses. The respondents were senior executives and/or family m...

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About the Authors

Hannah Shaw Grove

Senior Executive, Foundation Source

Hannah Shaw Grove is a senior executive at Foundation Source, the nation’s largest provider of support services to private foundations. The firm works in partnership with financial and legal advisors as well as directly with individuals and families.

Russ Alan Prince

President

http://www.russalanprince.com/

Russ Alan Prince is one of the most published authors on the topic of private wealth. He has completed work on 40 books covering a range of subjects from investor psychology to luxury spending, from understanding the middle-class millionaire to the political philosophies of the super-rich. His body of work is regularly consulted by affluent individuals and families, elite advisors, family offices, private bankers, wealth managers, academics and the press. Collectively, the cache of research-based insights within Prince’s publications is the most complete empirical analyses in the field and the largest, most comprehensive database on the topic.