Family Dynamics: Culture, Conflicts, Relationships and Individual Issues

‘A hero is someone who does what he can’

– Anatole France

For many families and their leaders, there is a strong sense that the future of the family and all of the elements of its enterprise – the family and its governance, operating business, financial investments, philanthropy, and the other elements which make up the full presence and influence of the family – will be shaped by a combination of factors arising from both within and outside of the family.

The internal aspects of family strategy are developed in great detail in many of the lessons and courses available on this e-learning site. Yet merely addressing the internal family issues within our areas of immediate control and influence will not be enough to maximise our contributions to creating the best possible future for our families across as many generations as possible.

One aspirational definition of the word responsibility is ‘to create the greatest benefit for the greatest number of people for the greatest time possible’.

If we are to adopt the sentiment embedded in this definition with regard to our families and their members, it will be incumbent upon us to address both internal and external issues with the appropriate degree of effort. For the external issues, this will require an investment by selected members of the family and its leadership team in broad learning and awareness, focused thought on priority issues and the family’s potential impact on them, and informed action where the family’s intervention can have the greatest possible impact.

One of the essential differences between the approach to internal and external issues influencing the future of the family and its enterprise is that most internal issues can be addressed in private by the family itself, perhaps supported by external resources as and where valuable. Having a meaningful impact on external issues, on the other hand, may require shared leadership and a broader effort involving other families, philanthropic or social organizations of various kinds, engagement in the thinking and policy-making implications on various issues and initiatives, private lobbying, activities involving the public media (both publicly visible and from behind the scenes), political support for issues and individuals, individual and family engagement in holding elected or appointed office, public and private lobbying of elected officials. It may also include other joint actions with thought leaders, relevant institutions, like-minded families, businesses and/or individuals with a shared sense of mission and ability to contribute to a better outcome in important matters.

Influence by the family on the outcomes in specific areas can be had through a wide range of activities involving the family enterprise: adopting or pursuing responsible business practices, sustainable investment, high impact philanthropic initiatives, meaningful social engagement (with or without financial contributions), engagement with trade bodies and business groups, educational establishments, Family Office networks, thought-leading policy institutes on economics or development policies in areas where the family is active, social causes and their organizations, and selected support to political parties, politicians, PACs or other similar activities which will have an impact on the outcome in critical areas related to the future of the family.

Examples of external issues of particular interest to many legacy families include addressing the causes and consequences of environmental degradation and climate change, economic disparity, poverty relief in poor countries, education and health care, women’s rights, public spending, debt and taxation, religious or spiritual practices, the potential impact of political parties and individual politicians, societal influences on the family and children, management and control of social media and technology, and a host of other worthy causes that will shape the future of all families, not just our own.

Understanding the full set of issues, identifying priorities for action, setting milestones for accomplishment, establishing the metrics of success, joining or leading collective efforts where appropriate and making progress in influencing the most important issues which will have the largest potential impact on the family will not be easy or quick; it will require an investment in broad family education and exposure to relevant specific topics, enabling both broad discussion and focused thought within the family – and with outside experts if useful on how best to identify and approach priority issues and projects, and how to maximize potential impact.

Objectives

Given the personal nature of this course, the approach taken here is different from other courses. There will be fewer defined examples and templates than in other courses. We offer more questions and insights from other like-minded families and individuals designed to provide ideas and examples which can inform and guide you along the way to your own truly wealthy life.