DEUSTO; Grupo Planeta.
Bogotá, Colombia – 2012.
ISBN 13:978-958-42-3191-8/ISBN 10: 958-42-3191-X.

Family Dynasties, Legacy and Wealth ©

The so-called boomers (the entrepreneurial generation born between 1930 and 1940) and the baby boomers (those born between 1945 and 1955) have been the dynasties that have created the most wealth in the history of humanity. If “out of ten heritages distributed nine disappear,” then the current dilemma surrounding the most prosperous families on the planet is no small matter at all.

In Family Dynasties, Legacy and Wealth, Raúl Serebrenik G. lays before the reader thirty years of experience concerning those factors that make it possible to establish and preserve a family emporium, but also to transfer it to the upcoming younger generations. Citing real-life examples of colombian and other families around the world, this book stands out as one of the most detailed and exhaustive books written on the subject.

PROLOGUE:

To be able to forge an Entrepreneurial and Wealth Family Dynasty of several generations, it is fitting to gather the efforts, strategies, and commitments of the people related to each other, but which never really integrated among themselves before because they belonged to distant generations or family lines chronologically, geographically, and emotionally speaking. But now united in a common vision, they plan to transcend over time in their pursuit of continuing to be sources of wealth, work, and well-being, not only for their own family members both near and far and wide, but to make a difference in their society and in their country in general. There are numerous challenges that these dynasties and families will have to face if they choose to follow this path. From the book, each family will be able to apply what is best for each case and to design their own model--a plan that should be adopted together as visionary leaders, in order to remain standing overtime.

There are those who have bravely attained this continuance from one generation to the other. They indeed serve as beacons for us all. The work of this book gathers their principles and best practices in a way that is generously shared with you, as the reader and leader of an entrepreneurial family. The profound commitment with the Family Dynasty and its future and that of the Family Business, empowered by wealth’s different dimensions that make up the family legacy, make it possible to achieve the desired continuity from one generation to another and, hence, the formalization of the Family Dynasty.

From studies, research, and talks with entrepreneurial family leaders, I see that more than having a family protocol, a code of conduct, a shareholder agreement, a family creed, and having professionals in management, the success factor that really marks the difference is having a clear and focussed strategy in every aspect of wealth’s dimensions and in the family legacy. And it is vital to communicate this strategy to all the family members with ownership. The book covers both themes with clarity and relevance. History has shown us that the entrepreneur that decided or had to establish his/her own small business and that with time became the big family company, thereby generating huge wellbeing for its own family and the community at large, although a successful entrepreneur, it does not necessarily mean that he/she is going to be an excellent leader of a Family Dynasty.

We are convinced more and more that entrepreneurial management and innovation should go along side with the daily tasks of these dynasties, as part of an organized and structured process aligned to the unique strategy defined by each enterprise or family business. Thus, in a world that is ever more complex and competitive, where the long-term vision and commitment of family members play a key role in the pursuit of continuance, our goal is that your family enterprise discovers the appropriate systemic model that will transform your company into a leading family business in your industry and in your community, for the benefit of the whole family and our own society.

Ernesto Poza ,Entrepreneur and founder of E. J. Poza & Associates, Professor at The Global Family Enterprise in Thunderbird School of Global Management and Author of Family Business, 3rd edition, 2010.