Research: Diversification, legacy issue top family business concerns

You get rich through concentration. You stay rich through diversification.

This is an old wealth management adage, but it’s 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 it’s 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.

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About the Author(s)

Richard Ryffel

Richard Ryffel is the executive vice president of wealth management at First Bank, a family-owned bank based in St. Louis. He is also a part-time professor of finance practice at Washington University in St. Louis.


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