Great wealth almost always begins with an entrepreneurial act. Very few families manage to preserve that entrepreneurial spirit across generations. One that succeeded is a large European family, now two hundred cousins deep across multiple generations, that has found a way to make it work.
The family runs an investment committee dedicated entirely to projects proposed by family members. When a cousin brings an idea to the committee, the discussion does not begin with financials. It begins with three other questions:
- Do we, as a family, believe in this project?
- Is it aligned with what our family stands for?
- Are we ready to stand behind this cousin in this particular venture?
If the answer to all three is yes, the committee does not merely write a cheque. The family rallies around the project: coaching, funding, introductions, sometimes real estate, whatever the group can bring to bear. The project becomes a collective endeavour, and its success becomes a shared expression of the family's identity.
This is a quiet but powerful design choice. It prevents the family's capital from becoming purely financial. It gives each generation a structured way to prove itself. And it keeps the entrepreneurial muscle exercised, the single most reliable way to keep an entrepreneurial family entrepreneurial across generations. Westwick helps families design mechanisms of this kind, adapted to their size, their culture, and the specific asset they are trying to protect.
Frequently asked questions
How do families keep the entrepreneurial spirit alive across generations?
By giving each generation meaningful responsibility, real stakes and the freedom to take entrepreneurial risk within a defined framework, rather than treating wealth as a given. Great wealth almost always begins with an entrepreneurial act, and very few families preserve that spirit. The ones that do build structures for it: a family project committee is one such structure.
What is a family project committee?
A family project committee is a governance structure that gives members of the family (typically the second and third generation) responsibility for specific initiatives: new investments, family philanthropy, operational improvements in a family business, or other projects with a defined scope and budget. It serves two purposes: it produces real outcomes for the family, and it develops the judgment and accountability of the participants.