You get rich through concentration. You stay rich through diversification.
This is an old wealth management adage, but itâs never been truer. We live in an ever-globalizing, highly competitive economy given to shocks from financial crises, wars, pandemics, governmental policy intervention, restrictive monetary policy, labor shortages and supply chain constraints. In this environment, how could any business leader be confident that past performance will predict future success? While itâs not a given, the future success of family businesses is largely dependent upon keeping an open mind, establishing a clear vision, exploring new avenues for growth and having the right advisors in your corner.