Answering the most pressing thirty-five questions of Next Generation members in a short and concise, yet competent way—leading academics, practitioners, and enterprising families come together to empower Next Generation legacies. Masterfully detangling the intricate dynamics of the family, ownership, business, and wealth, the authors share best practices, real-life examples, and critical questions for reflection. Part 1: Family Defining family · Managing family dynamics · Dealing with conflicts · Family communication · Preparing generational transitions · Keeping the family united Part 2: Ownership Responsibilities and rights · Preparation of future owners · Dealing with non-active owners · Ownership transfers · Board expectations and roles · Owner networks Part 3: Business Preparing business entry · Working with nonfamily executives · Hiring family members · Promoting family members · Letting go of family members · Engaging family business consultants Part 4: Wealth Dealing with wealth · Pursuing a vocation outside of the family enterprise · Leaving the family enterprise · Selling the family business · Starting a family office · Pursuing philanthropy and impact investing Enabling Next Generation Legacies is a powerful guide for Next Generation members and their families to ask better questions, make better decisions, live better lives, and build stronger legacies. When Sabine and Peter approached me about this book, the timing couldn’t be better. FBN was going to celebrate the 20th anniversary of its Next Gen community. Yet, this is much more than a book. It is a useful and practical guide, asking relevant questions and providing concrete tips on how to tackle difficult issues that Next Gens face daily - Alexis du Roy de Blicquy, CEO, Family Business Network (FBN), Switzerland This very helpful book is a gift to next-generation members of enterprising families. Each chapter is a gem and collectively, it is a must-read. -John Davis Faculty Head, Family Enterprise Programs, MIT Sloan School of Management United States The clear division between family, ownership, business, and wealth helps structuring the often complex and intransparent character of family enterprises. The highly relevant questions asked by Next Gen family members from around the world and the corresponding answers by reputable family business scientists make not only Next Gens but also the older generation in charge reflect on the future success factors of their enterprises. -Dr. Alfred Oetker "Vice Chairman, Advisory Board, Dr. August Oetker KG" Germany Enabling Next Generation Legacies is a family business must-read that we have all been waiting for. Tackling topics ranging from family, to ownership, business, and wealth, the book provides both academic and real-life approaches to the most pressing questions faced by NxGs in enterprising families. -"Valentine Barbier-Mueller" "Board Member, SPG-Rytz; Board Member, Family Business Network (FBN);Vice President, FBN’s NxG leadership program" Switzerland Business families and their advisors often speak about preparing next generation family members for ownership and operating leadership. But what are next gens thinking? Peter Jaskiewicz and Sabine Rau demonstrate the skill of active listening. These future leaders have a lot to say and much to ask! -Bill Sheffield Member of Family Enterprise Advisory Boards Member of Corporate Boards Canada As CEO of a 1,200-member twelfth-generation family business, all my decisions are taken with a long-term perspective in mind. Whatever role the Wendel Next Gens choose, I want them to be well informed, active and responsible shareholders. In their book, Peter and Sabine bring together an impressive number of witnesses and experts. I very much look forward to sharing the questions and answers, advice, opinions, and ideas with the Wendel Next Gens. -Priscilla de Moustier "CEO of Wendel-Participations Member, Supervisory Board Wendel" Covering the most central topics for the success of next generation members in enterprising families, this book is a MUST-read! It beautifully bridges the worlds of research and practice and offers game-changing guidance and immensely valuable food for thought. -Hanoof Abokhodair Senior Adviser, National Center for Family Businesses Saudi Arabia Solving a problem often starts by asking the right question. This book is a great source of inspiration and a true repository of knowledge providing international perspectives—not only for Next Gens but for everyone engaged in a family business. -Markus Langes-Swarovski CEO, Swarovski Austria Focusing on the next generation, this publication takes on an urgent, fresh perspective that often gets neglected. It presents a comprehensive how-to guide for the Next Gen to evaluate their approach of integration into the family business. For a future-oriented family business, this is an essential angle to highlight. I hope the decision strategies outlined will practically impact