The Business of Family
How To Stay Rich For Generations
The Business of Family is not a business book about how to make money. The Business of Family is about the most important business of all—your family.
How do families build and maintain their wealth? This question has challenged families for generations. A new study estimates that nearly $60 trillion in US wealth will change hands over the next 55 years. In business, any wise entrepreneur would develop a plan to guide the venture. Although most people don’t have a strategy in mind for their families, it is precisely what they need.
The Business of Family teaches families how to write their own family business plan using time-tested strategies from the corporate world. It provides a practical, user-friendly method that ensures families know where they’ve been, where they’re headed, and how they’re going to get there. Just like a company, a family must invest in its people, who require support, training, and commitment to a purpose. Just like a company, a family deals with unexpected challenges. And just like a company, a family needs laser-sharp focus on its goals in order to thrive.
Linda Davis Taylor is the CEO of the nation’s oldest investment advisory firm, Clifford Swan Investment Counselors, and she has seen first-hand how important it is for the family to be connected by a common purpose. Exploring how to educate future generations, participate in philanthropy, and work together as the family grows are all important aspects to keeping money and establishing family legacy. This book applies business concepts to invest in our families with as much focus and discipline as we do our financial assets.
“Practical, thoughtful advice for families interested in a purposeful approach for maintaining and growing wealth. Filled with memorable anecdotes and useful references, the book identifies behavioral issues that can have significant, negative impacts on relationships and on wealth. The book is a model of how to think systematically about the interaction of business and family.”
— Janet Kiholm Smith, Von Tobel Professor of Economics, Claremont McKenna College
“Linda elegantly tackles two of the most emotional subjects in the world—family and money. The Business of Family is a valuable resource filled with engaging stories and actionable strategies that can help families find common ground and sustain their wealth for generations to come.”
— Hannah Shaw Grove, Founder of Private Wealth magazine and author of The Family Office: Advising the Financial Elite