Ensuring the resilience and longevity of a family-owned enterprise requires a strategy that’s focused on growing joint family wealth, often through a diversified portfolio of jointly-held assets. But a strategy of broad diversification is difficult to execute, so it should not be undertaken by families without the appropriate structure and processes. First and foremost, successful multi-generational families need to create a long-term vision of the boundaries of the enterprise. Once the decision to diversify is identified, families who are successful realize the need to dedicate…
