From family to dynasty. Staying successful across generations.
How should families work together to stay successful in the long term? The way families communicate is fundamental to how the Next Generation steers the family legacy.
The report "Creating a world with the Next Generation" shows that an open dialogue, whether it is about wealth, succession or family business ownership, is the basis for high-performing families. We met with two representatives of such a family – Justin and Valerie Rockefeller, the fifth generation of a dynasty whose name has been synonymous with entrepreneurial success and philanthropy for over a century. In a conversation with Prof. Randel Carlock, Business Professor at INSEAD and Coach and Family Therapist, they discuss why respect and shared values are key to staying successful as a family across multiple generations.
Creating value with communication – a five step approach
Relationships with family members of other generations or even peers can be highly complex, particularly if some of them seek to assert their authority while others struggle to make their voice heard. However, a few simple steps can go a long way in promoting a healthy dialogue within the family – and ensure success in the long-run:
Read the report "Creating a world with the Next Generation", a joint publication by Credit Suisse and the Young Investors Organization, for more insights.
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Read more about the interesting insights into what drives the Next Generation
About the report:
In "Creating a world for the Next Generation", Credit Suisse and the Young Investors Organization (YIO) provide a look at the expectations, needs and ambitions of the inheriting generation. This includes individuals who are destined to take over the reins of a business started by their parents, grandparents, or earlier family members, or who are likely to inherit at least part of the wealth accumulated by previous generations.
Credit Suisse's Global Next Generation Initiative
Credit Suisse focuses on building relationships not only with the current generation that manages and builds wealth, but also with their children from the younger generation. That's why the bank launched its Global Next Generation Initiative in 2005. Providing financial education and peer-to-peer networking opportunities are at the heart of several programs designed by Credit Suisse.
Young Investors Organization (YIO)
Established in 2007, Credit Suisse is the main sponsor of the YIO. The organization comprises a global community of future leaders from influential families, who are committed to leaving their mark and making a difference in the world. During regular regional, local and global reunions, members collectively drive social impact, create and manage their businesses, as well as enter into joint investments with each other.