Families That Go From “Good to Great”*
Families that go from “good to great” are aware of the opportunities and risks of wealth and seek to get in front of these challenges. They want to empower each family member, encourage social responsibility, and make positive contributions to their communities.
We’ve observed that families that thrive over time share the following commonalities:
Active learners: They assign a high value to lifelong learning and plan to build and strengthen competencies required for each family member—and the family as a whole—to effectively integrate wealth and thrive.
Strong culture: They develop a strong culture, fueled by a growth mindset and anchored by planning and core practices.
Healthy communication: They continually enhance communication and conflict-resolution skills within and among generations.
Wise parenting: They seek an optimal balance of love and support with high expectations of responsibility and accountability; in other words, they use an authoritative parenting style.
Inclusive: They are attuned and open to each family member’s differing developmental capabilities and lifestyle choices.
Informed: They make use of the most recent research on neural and psycho-social development.
Manage change: They think through and plan for how to manage changes such as marriage, divorce, birth, and death, as well as blended family dynamics and sibling rivalry.
* The idea of going from “good to great” was popularized by Jim Collins (2001) in Good to Great: Why Some Companies Make the Leap… and Others Don’t. Researchers also have studied how families go from “good to great”; see Borrowed from Your Grandchildren, The Evolution of 100-Year Family Enterprises, Dennis T. Jaffe (2020).