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The Voice of the Rising Generation: Family Wealth and Wisdom



“Hughes, Massenzio, and Whitaker have given us a model for voicing and listening to the challenges and opportunities heirs face. They encourage self-reflection through an exploration of Homer’s Odyssey, real-life profiles, and questions that promote a deeper and broader understanding of the context for assessing risk and making choices regarding wealth and one’s life path.”
—BONNIE BROWN HARTLEY, President, Transition Dynamics Inc; co-author, Family Wealth Transition Planning

“This book speaks directly to individuals struggling to find their own voice in the family enterprise, clarifying the challenge and importance of individuation for all of us. The bite-size chapters are easy to absorb, and there are three workshop strategies at the end to help you get started with the critical conversations.”
—SARA HAMILTON, Founder and CEO, Family Office Exchange

“From brass tacks practicality to insights and inspiration, the authors have provided a helpful guide that is both refreshing and timeless, illuminating key challenges and choices facing rising generations.”
—ANNE D. MCCLINTOCK, Executive Director, Harvard University Planned Giving

“Bravo to Jay Hughes, Susan Massenzio, and Keith Whitaker whose The Voice of the Rising Generation??acknowledges that the younger—rising—generation has choices, hope, and vision where they may have thought they had none; poses questions that are bound to spark conversations among and between generations that have long been stuck and silenced; and provides tools that are bound to develop resilience, confidence, and competence in readers.”
—ANGELO ROBLES, Founder and CEO, Family Office Association

“Jay Hughes, Susan Massenzio, and Keith Whitaker have once again reframed the dialogue surrounding the possibilities of multi-generational success.??By recasting the journey inheritors must make from following, or being ‘Next,’ to ‘Rising,’ the authors infuse the passage into adulthood with the possibilities of self-actualization. The Voice of the??Rising Generation provides an important guide to cultivating the human capital, which is where the strength and ultimate success of a family lies.”
—MINDY ROSENTHAL, President, Institute for Private Investors

“Jay Hughes, Susan Massenzio, and Keith Whitaker share with the rising generations of legacy families what the unconventional Lionel Logue offered to King George V—the priceless pathway towards finding one’s voice and the faith to know that it is worth the journey.”
—JOHN A. WARNICK, Founder of the Purposeful Planning Institute

JAMES (Jay) E. HUGHES, JR. is the author of the acclaimed classic Family Wealth and Family: The Compact Among Generations, and the co-author of The Cycle of the Gift: Family Wealth and Wisdom. He has also written numerous articles on family governance and wealth preservation. James is a frequent speaker at symposia on the growth of families’ human, intellectual, social, spiritual, and financial capital.

DR. SUSAN E. MASSENZIO is a psychol-ogist with many years’ experience consulting to heads of family businesses and helping to plan leadership succession. Susan is the co-author of The Cycle of the Gift: Family Wealth and Wisdom.

DR. KEITH WHITAKER has many years’ experience aiding enterprising families in communication around estate planning and philanthropy. His writings have appeared in The Wall Street Journal, The New York Times, and The Financial Times. Keith is the co-author of The Cycle of the Gift: Family Wealth and Wisdom.

Preface xi

Acknowledgments xiii

Introduction 1

A Well-Known Family 1

The Challenge 2

The Journey 3

Our Approach 6

Aids to Navigation 7

Chapter 1 Setting Sail 13

The Black Hole 14

Talking about Silence 17

The Very Good Steward 19

The Meteor 19

Froggy 20

The Parallel Universe 21

The Anxious Heir 22

Mr Reputable 22

The Grand Giver 23

Testing the Boundary 23

Mentor 26

Chapter 2 Rosy-Fingered Dawn 29

Awakening 29

Rising 30

Slings and Arrows 36

Chapter 3 Self-Knowledge 43

The Center 43

Internal and External 44

Dreams 45

Strengths and Hurdles 48

Individuation 51

Externals 54

The Balance Sheet 56

Chapter 4 Facing the Waves 61

Getting Away 61

Taking the Leap 63

Work 63

Relationships 73

Communication 78

Leaving Ithaca 81

Chapter 5 The Middle Passage 85

The Island of the Lotus-Eaters 85

The Middle Passage 87

A Forceful Hand 89

Self-Advocacy 93

Ownership 96

Leadership 98

Parenting in the Middle Passage 100

Questions for Rising on Your Own 102

Conclusion 107

Another Well-Known Family 107

Our Journey Thus Far 109

Searching for Elders 112

Returning to Mentor 115

Flying Away 118

Appendix 121

Questions for Reflection from the End of the Chapters 121

From the Introduction 121

From Chapter 1 121

From Chapter 2 121

From Chapter 3 122

From Chapter 4 122

From Chapter 5 122

From the Conclusion 122

Additional Tools 122

Possible Educational Pathways 123

For the Individual Journey 123

For Possible Workshops 124

For a Possible Family Gathering 125

Session One: Knowing Ourselves 126

Session Two: Resilience 128

Session Three: Action 129

About the Authors 133

Index 137