I am blessed that my Uncle George and Aunt Karen had the foresight to plan and foster a common purpose between those of us who inherited our family business. It fortified our relationships and allowed our company to thrive after Uncle George died.
Receiving an inheritance can lead to a lot of change. And the larger the bequest, the more change—sometimes too much in too short a time. These changes can create conflict and, in the worst case, alienation.
No matter the dollar amount, one of the best ways to equip family members for the shock of inheritance is to provide them with a common purpose. Think of a common purpose as a series of long-term shared goals that bind individuals together through teamwork, engagement, and reinforcement.
Principle #1: Develop a Common Purpose.
A common purpose can take many forms. No matter the form, though, having a common purpose serves as the training ground for personal interaction and builds the solid foundation for functional, cooperative behavior. In families it creates respect, a sense of belonging, worthiness, and capability. It establishes position within the family structure.
No matter your net worth, having a common purpose can bring your family closer together. First, identify interests that everyone has in common, then discern the intent behind them, and have consistent and regular get-togethers that center around this purpose.
Read the full story about how Uncle George developed our family’s common purpose, and all the stories that inspired The Greatest Gift: 9 Principles for the Transfer of Your Legacy Along with Your Wealth.
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