As noted, family dynasties are more than just transferring the wealth. They are also about transferring values. According to PJ DiNuzzo, Founder and President of DiNuzzo Middle-Market Family Office™ and author of The DiNuzzo “Middle-Market Family Office™” Breakthrough: Creating Strategic Tax, Risk Cash-Flow and Lifestyle Options for Successful Privately-Held Business Owners and Affluent Families, “Families can use many tools to help them transfer their values to future generations. Examples of these include family meetings, vision and mission statements, family constitutions, and family banks. What often proves very effective is—if the family is philanthropic—setting up a private foundation.”
