Most founders never explicitly answer this question. They built the wealth. They expect it to do something for the family. They never write down what. Kris Kluver, in The Dysfunctional Family Office, asks founders to make the answer explicit before they hand the wealth off. The purpose can be many things. Security. Education. Opportunity. Philanthropic impact. A platform for future ventures. The maintenance of family relationships across generations. What matters is that the founder names what they want the wealth to do, in writing, in plain language, while they're still alive to clarify it. The kids inherit purpose, not just dollars. Without that purpose, the dollars usually become the problem rather than the solution.
What is the actual intended purpose of the wealth I created?
From: Ch 5: The Founder's Mandate
Also asked
- purpose of family wealth
- what is this money supposed to do
- I built all this and I never stopped to ask what it's for