JAMES E. HUGHES JR. is a sixth-generation counselor-at-law, now retired, and author of many influential articles on family governance and wealth preservation. He is renowned for facilitating multigenerational family meetings, with an emphasis on governance issues. Hughes is frequently called on to address international and domestic symposia on helping families to avoid the fate of the shirtsleeves-to-shirtsleeves proverb and to instead flourish through the growth of their human, intellectual, and financial capital. He also addresses these and other issues on his Web site at www.jamesehughes.com.

Preface ix

Acknowledgments xiii

Introduction xvii

Part OneFamilies of Affinity: Their Nature and Practices

1 A Family of Affinity 3

2 Defying a Proverb 13

3 Obstacles to Affinity: The Seven Paradoxes 21

4 The Physics of Affinity 31

Part TwoDefining the Journey

5 Essentials for Success 47

6 Happiness: Finding the Spiritual Path 61

7 Self-Actualization: Lessons from Psychology 81

8 The Evolution of Family 91

9 From Family to Tribe: The Emergence of Governance 101

Part ThreePrinciples of Family Governance

10 A System for Joint Decision Making 117

11 Participation and Commitment 129

12 Function and Structure 137

13 Change and Accommodation 147

Part FourFamily Leadership

14 Family as an Organization 157

15 Ensuring Dynamic Ownership 169

16 The Second Generation: Leaderships Critical Stage 189

17 Women and Ownership 203

Part FiveTools and Pathfinders

18 The Essentials for Learning 211

19 Educational Assessment Tools 221

20 The Personne de Confiance: Service Redefined 233

21 Roles and Characteristics of a Personne de Confiance 247

22 A Fathers Wisdom 265

Epilogue 283

Appendix: Recommended Reading 287

Index 309