- “One generation plants the trees; another gets the shade.” Anon. Beating the Midas Curse, by Perry L. Cochell and Rodney C. Zeeb, Page 73
- “Why Succession Plans Fail: 1. Sixty percent of succession plans failed because of family dynamics. 2. Twenty-five percent failed because heirs were insufficiently prepared. 3. Ten percent failed because of inadequate estate planning or inadequate liquidity to pay estate taxes.” Correlates of Success in Family Business Transitions, Journal of Business Venturing 12, 285-301 (1997)
- “Family philanthropy can function as an activity promoting genuine family togetherness. The next generation may, however, also experience it as a pressure to conform. How then can a family negotiate a succession plan that respects the wishes of the foundation’s original donor while striving to enhance the individuality of the next generation?” Wealth in Families Third Edition (Charles W. Collier) Page 3
- “To undertake effective succession planning, you may want to define a family vision and mission, create a structure for decision making appropriate to your family, foster open communication, and encourage the growth and development of all your family members.” Wealth in Families Third Edition (Charles W. Collier) Page 7
- “What drives all successions is a vision of the future, hammered out over time, that embraces the aspirations of both the senior and junior generations as well as those of their forebears,” writes Ivan Lansberg, a family business consultant in Connecticut. In his book, Succeeding Generations, he says, “This vision-which I call a Shared Dream-generates the excitement and energy that every family must have to do the hard work of succession planning.” Wealth in Families Third Edition (Charles W. Collier) Page 7