How can we harness the power of the rising generation

This paper draws insights from Dr. Dennis Jaffe’s research paper, co-sponsored by the Merrill Center for Family Wealth® and Merrill Family Office Services.¹

A family's business achievement cannot be sustained without the personal commitment to create a great family. Preserving wealth and developing an empowered rising generation go hand in hand.

Based on research and case studies gathered in interviews with more than 70 family enterprises from across the world, the following five steps are a broad guide for empowering the rising generation in your family.²

Define the purpose of your wealth, your family values and your desired outcomes to clarify your current intention and allow enough flexibility to have the purpose evolve with each generation.

Engage the rising generation by seeking to understand their perspectives and sharing yours through a learning conversation.

Develop a plan to empower the rising generation by sharing a history of the family businesses and providing service experiences and education on the opportunities and responsibilities of participating in the family enterprise.

Support individual family members in their pursuit of finding purpose in their lives and to actively design a plan for personal and career development.

Continue to foster a culture of excellence by committing time, energy and resources to collaboratively develop family governance, promote accountability and renew family bonds.

Reach out to your Merrill private wealth advisor to discuss further, and to access resources specifically tailored to the rising generation.