More Than Money

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Cole Michael A.. More Than Money

Preface

Acknowledgments

About the Author

PART I. The Meaning of Wealth

CHAPTER 1. The Wealth Management Challenge

CHAPTER 2. Wealth Is More Than Money

CHAPTER 3. The Impact of Wealth Stewardship

PART II. Understanding the Wealth Management Process

CHAPTER 4. The Importance of Integrating Tactical and Strategic Wealth Management

CHAPTER 5. Should We Manage Wealth as a Family?

CHAPTER 6. The Story of Wealth Creation: Why It Matters

CHAPTER 7. Vision and Mission: The Past, the Present, and the Future

CHAPTER 8. Family Governance: Roles and Responsibilities, Decision Making, and Conflict Resolution

CHAPTER 9. Developing Future Leadership

CHAPTER 10. Family Education: Building a Culture of Learning and Continuous Improvement

CHAPTER 11. Communication and Alignment: Working Together as a High‐Functioning Team

CHAPTER 12. Integrating Tactical Wealth Management

CHAPTER 13. Getting It Right

Index

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Creating substantial financial resources requires a combination of skill, luck, and timing. Very few people are successful at creating and accumulating wealth that provides more than what is necessary to maintain their standard of living and sustain them throughout their lives. A gifted, fortunate few build levels of wealth that have the potential to last well beyond their lifetime and create impact far beyond their earthly existence.

For these fortunate few, it is an incredible gift and a substantial burden to enjoy, manage, transfer, and sustain the fortunes they have created or inherited. Several studies document the fact that 70 percent of the time significant wealth evaporates by the third generation. In addition, only 12 percent of family businesses are still in operation by the third generation. How many successful entrepreneurs think of the business they created as their legacy that will survive over time and generations? The fact is only one in nine family businesses survives the test of time and succession.

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Cole resides in Los Gatos, California, with his family.

Families with great wealth are still families. Like other families, they may interact with one another based on emotions such as love, passion, resentment, anger, jealousy, and fear. And even if most of the family members get along well, money problems can create bad feelings, ranging from spats and squabbles to intrafamily lawsuits.

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