Executives in Science, Business and Society 3

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‘I FEEL LIKE I AM PUT OVER MY FATHER’S KNEE, BEING SPANKED WITH ONE HAND AND FED CAKE WITH THE OTHER.’ (RISING-GENERATION ENTERPRISE-FAMILY MEMBER) ‘I DO NOT KNOW IF HE IS GOING TO BE PRESIDENT, OR IN PRISON.’ (FIFTH-GENERATION ENTERPRISE-FAMILY COUNCILMEMBER) REFERENCES 1. Habbershon, T. G., & Pistrui, J. (2002). Enterprising families domain: Family-influenced ownership groups in pursuit of transgenerational wealth. Family Business Review, 15(3), 223–237. 2. Nason, R. S., Carney, M., Le Breton- Miller, I., & Miller, D. (2019). Who cares about socioemotional wealth? SEW and rentier perspectives on the one percent wealthiest business households. Journal of Family Business Strategy, 10(2), 144–158. 3. White, B. (2017). What family firms need to ensure longevity. Retrieved October 21, 2019, from INSEAD website: https://knowledge.insead.edu/ family-business/what-family-firms-need-to-ensurelongevity-7751 4. Williams, R. O., & Preisser, V. (2003). Preparing heirs: Five steps to a successful transition of family wealth and values. San Francisco: Robert D. Reed Publishers. PAGE 10 ‘FAMILY TALENT WILL SHOW, BUT IDIOTS WILL BE IDIOTS.’ (FAMILY-OFFICE KEY EXECUTIVE, NON-FAMILY MEMBER) roles in the future-enterpriseowner group. Bolstering family identity and strengthening family members’ perceptions of belonging to the family social group further enhances collective family action to preserve wealth. The principles, programmes and entities associated with those structures, procedures, and behaviours have an important, positive impact on the enterprise family’s crucial social capital. The role of the single family office is instrumental in magnifying these effects and also in balancing the financial and non-financial considerations of the enterprise family. FROM SHIRTSLEEVES TO SHIRTSLEEVES IN THREE GENERATIONS. Many enterprise families have the objective of sustaining themselves into the future for multiple generations. They have to navigate challenges and embrace change while responding to environments full of volatility, uncertainty, complexity and ambiguity. While multigenerational enterprise families like the Rockefeller family (now in its seventh generation) show that successful family governance, substantial social capital and effective family offices are achievable across several generations, many others have been much less successful at doing this. I theorise that the key driver of family wealth preservation is relational, as opposed to being purely financial, and posit that wealth preservation is not about money. These quotes, by three enterprise family insiders, represent different points of view relating to the arduous task of preparing younger family members for their future roles in the family enterprise. The preparation of the rising generation is one of many aspects of wealth preservation. How can enterprise families with differing and unique geographical, historical and cultural contexts overcome the barriers that prevent family wealth from being passed down successfully over multiple generations?
21 19 16 12 Marilieke Engbers HOW DOES THE UNSAID SHAPE DECISION-MAKING IN THE BOARDROOM? Marie-Claire Dassen EMOTIONS IN THE BOARDROOM Radu Atanasiu ON SIMPLE RULES Lara Tcholakian WHY IS IT IMPORTANT FOR LEADERS TO LOOK INTO THEIR COLLECTIVE HISTORIES? LEADERSHIP AND 26 24 Edson Hato PAST HEROES, FUTURE LOSERS: CRITICAL LEADER BEHAVIOURS Julia Vitte ARE ALL LEADERS RISK TAKERS BY DEFINTION? PAGE 11 BOARDS ABRI - Amsterdam Business Research Institute
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