THE LEGACY CONVERSATION
by Bill High
Psalm 78: The psalm is the story of generational legacy. God says that one generation should tell the next, who should tell the next, and so forth. The chief musician served under David, Solomon and Rehoboam. He could see and testify to the power of generational impact.
He decreed statutes for Jacob and established the law in Israel, which he commanded our ancestors to teach their children, so the next generation would know them, even the children yet to be born, and they in turn would tell their children. Psalm 78:5-6
What has gone wrong?
Reason 1: 60% of families lose wealth in generation two; 90% of families lose wealth in generation three. Also, 75% of family-owned businesses fail in generation two; 85% – 90% of family-owned businesses fail in generation three.
Reason 2: Families fail because of a breakdown of communication and trust within a family. There is a failure of story, commensurate with the idea that “when a great man dies, a library burns.”
Reason 3: There is also a failure of compass setting. Families fail to set a true north for the family with vision, mission and value statements. Establishing a family identity is key to having a family legacy. What is the identity of the families that you work with?