Family office: the Eastern approach
The International Family Offices Journal
Vol. 1 - Iss. 3 pp. 27–32
Chinese family businesses are facing generational transitions, often subject to the curse of ?wealth does not go beyond three generations?. In many of these entrepreneurial families, the business itself is a means to keep the entire family together. As the business leadership is passed down from one generation to the next or as the family exits from the business, the family may lose its purpose for staying and working together. The evolving dynamics demand actions to preserve family harmony and unity, values deeply seated in the Chinese culture. While a family office itself is a Western concept, with necessary adaptations, it may help serve as the ?glue' and regenerate the shared identity for Chinese families.