Publications
Publications
  • January 8, 2016
  • Article
  • Harvard Business Review (website)

When You’ve Made Enough Money to Cause Family Tension

By: Josh Baron, Rob Lachenauer and Diane Coutu
  • Format:Electronic
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Abstract

This article discusses the transition successful business founders face when moving from intense business focus to managing significant wealth in their "Second Act." It highlights the shift towards creating a family enterprise, requiring shared financial decision-making and engagement with family members. The article emphasizes the importance of educating heirs, involving them in legacy plans, and addressing concerns about wealth control. It explores the potential risks and rewards of the Second Act, underscoring the need for collaboration and evolving family dynamics.

Keywords

Wealth; Family Business; Management Succession; Transition; Family and Family Relationships

Citation

Baron, Josh, Rob Lachenauer, and Diane Coutu. "When You’ve Made Enough Money to Cause Family Tension." Harvard Business Review (website) (January 8, 2016).

About The Author

Josh Baron

Strategy
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