Families often discuss legacy management, usually from parents or grandparents but sometimes from children who are aware of the luxury of belonging to an entrepreneurial family.
Over the past few decades, family firms in Dubai have developed into multibillion-dollar organizations.
Governance, leadership, and family legacy are at stake. Our family values these themes.
In the more than 900 years of the Princely House, our family has struggled to maintain common ideals and manage money.
Our faith has shaped our family’s ideals for ages.
Our House Law says this should govern family decisions. Our family’s belief that prosperity requires social duty illustrates this.
LGT Group donates 10% of profits to charity because society and people are important to sustainability.
Maintaining our ideals is difficult. The Princely Family has around 140 members, and the younger generation has expanded across Europe and beyond.
This is good for learning and growing, but it makes cohesiveness harder than when most of our family lived together.
Growing up, I loved seeing cousins. How can we create trust and uncover similar values without spending time with extended family?
Our family’s growth and growing globalization necessitate togetherness.
We meet to socialize and have fun. We converse through family days and other events.
Traditions and values strengthen family relationships and uphold family ideals.
My parents taught me and my sisters this. My wife and I teach our son the same ideals.
The family company often diversifies over time.
Generations may disagree, causing strife. To unite, families should answer a few basic questions.
Should family members share business income? Should the family business support philanthropy? What legal structure should assets have? Who will invest assets?
Our family has informal rules and hands-on practices.
I listen to the next generation, but if they ask for guidance, I always say, strive to stand on your own two feet.
Experience outside the family company promotes confidence and position.
Consider what role(s) you could play in a family business and develop the necessary abilities.
Personal responsibility—not taking your family’s status for granted—helps in many areas of growth and life.
Our family members don’t need title-related rights.
We realize we are the youngest link in a chain of almost 26 generations that developed what we have today.
This knowledge instills appreciation for family safety and responsibility for future generations.
LGT Group Foundation board member Prince Hubertus von und zu Liechtenstein