CHAPTER 8Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution

Creating wealth is somewhat like building a fleet of sailboats. When wealth creators first set out, it's typical for them to buy and paint the boat, provision it, scrape the hull, hoist the sails, and keep a firm hand on the tiller, all the while scanning the horizon for dicey weather. As they succeed and add to their flotillas, it becomes necessary for them to bring on more hands, yet the creators continue to make decisions about each boat. At some point, however, it's possible that every boat is taking on water, and the founder of the fleet is unable to plug all the holes. Now it's time for the redistribution of responsibilities. The creator is ...

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