Wealthy Families Are Writing Mission Statements to Avoid Fights, Lost Fortunes

Serial entrepreneur and investor James Harold Webb has done careful investment and estate planning to pass down his wealth to his five children, their three spouses, and six grandchildren. He also got everyone together to write a family mission statement.

“The entire goal is to preserve the family and to preserve the wealth,” said Webb, 65 years old, whose ventures include buying and building 33 Orangetheory Fitness franchises in Texas that he sold to private equity.

The mission statement for his 16-person blended family: “Life is a gift that cannot be wasted. Family is the essence of that life and, as a family, we will work hard. We will play hard. We will live in the pursuit of knowledge. We will love our family unconditionally. We will give more than we take to ensure a better world.”

A family mission statement lays out principles and goals in a few sentences. The aim is to avoid the fighting that has destroyed fortunes and left relatives battling in court, or just make sure younger generations don’t squander the fortune.

Behind the trend is the extraordinary wealth creation in recent years and a boom in family wealth and concierge services catering to it.

Sometimes known as a declaration of purpose or vision, mission statements aren’t legally binding. Some advisers embrace the statements as a way to increase a family’s chances of what they consider success, preserving their wealth for a century or more.

Advisers point to Gilded Age dynasties that have disappeared to warn about depleted fortunes and families that no longer are connected.

Wealth advisers like to reference a 2023 book written by Victor Haghani and James White, “The Missing Billionaires,” which notes how rare it is for great family fortunes to last beyond a few generations.

Some families opt for a more robust, legalistic document, called a constitution. For families that own businesses, constitutions can lay out what minimum requirements family members and their spouses must meet to be able to work at the business. To try to avoid drama later, they also can define who even counts as family, such as stepchildren.

Some family members put the mission statement on the back of their business cards or hang them, framed, on a wall at home.

“It’s going to be the family’s why. Why are we doing what we’re doing? Why are we making all this money?” said Shawn Barberis, whose firm, More Than Money 360, works with families including Webb’s to create mission statements and prepare the next generation for leadership. “Every family gets off the tracks a little bit and it can get them refocused.”

Webb was born to teenage parents in rural Mississippi. He says he is astonished that he has been able to create what he calls “generational wealth” for his family, including from a medical-imaging business he sold in 2017 for $94 million. He and his wife, Cathy, split their time between Frisco, Texas, and San José del Cabo, Mexico.

Webb and his wife, plus the children and their spouses, sat around a conference room at a Frisco hotel several years ago to come up with their mission statement at the encouragement of Barberis, with whom they’d started working several years after they got married.

With Barberis guiding the discussion, Webb and his family spent a few hours talking about what was important to them to brainstorm their mission statement.

Webb now kicks off his family’s annual meeting by reading the mission statement aloud and leading a discussion of whether it needs revision. Then, he updates the family on his finances and estate plans before they break for games and a meal.

The mission statement by itself isn’t enough to hold the family together long-term, Webb said. But, coupled with transparency and financial education, he figures his family has a shot at maintaining its wealth for generations.

At UBS , which has a big business advising wealthy families, Sarah Salomon, head of family advisory and philanthropy, and her team help families that typically are worth at least $50 million write mission statements.

They’ll often kick off discussions by handing each family member a pack of cards inscribed with words such as “curiosity,” “reliability” and “spirituality”—and asking them to choose the cards that resonate with them the most.

Advisers sometimes have family members look at a series of images and riff on what they see. A photo of redwood forests, said Elisa Shevlin Rizzo, head of family office advisory at J.P. Morgan Private Bank, has prompted themes of permanence and environmental stewardship.

“If we know one of our core values is stewardship and legacy, maybe we don’t use the trusts for current consumption to fund extravagant lifestyles,” Rizzo said.

Colorado vacation homes and luxurious Airbnbs in Utah are popular sites for brainstorming mission statements, Salomon said. She typically steers clients away from offices, preferring settings where family members can relax and reflect.

Doug Baumoel, whose Boston-based consulting firm, Continuity LLC, focuses on resolving conflict among family business owners, says values exercises work best when the values family members choose are ones they actually practice.

“Inevitably, the most difficult family member will choose ‘family harmony’ as their most important value,” he said.

As Sam Schmidt, 61, an investor in businesses for decades, simplified his interests in recent years, including by recently selling his IndyCar racing team to the McLaren motor-racing outfit, he wanted to gather his family in Las Vegas to discuss the family’s purpose.

Coming together to share and communicate, Schmidt said, was just as valuable as the end statement, if not more so. With a third-party facilitator, they came up with a mission.

It reads, in part, “Our mission is to preserve, grow and steward resources while prioritizing generosity so that we may invest in family through education, life enriching experiences, and quality time together.”

Schmidt also is trying to pass on financial advice to the next generation, naming family trusts different variations of DSTP, for “Don’t Spend the Principal.”

Some families’ rallying cries have been passed down like well-worn stories. Anya Paiz, 23, said her family’s mission statement is so ingrained it’s rarely discussed. Her take on it: Do good by doing well.

She grew up in the U.S. hearing the family lore about her great-grandfather, an orphan who started a grocery store in Guatemala in 1928 that his children turned into one of Central America’s leading supermarket chains—and later sold to Walmart .

Her grandfather’s philosophy was that the better he did, the more he would be able to provide for his family and community. Paiz said setting herself up to do well was part of the reason she emphasized education; she recently graduated from New York University.

These days, she sees her extended family at its annual reunion, which stretches from lunch to dinner at a relative’s home in Guatemala City.

With members flying in from the U.S., Switzerland and parts of Central America, the family in attendance numbered 103 last December, she recalled. Tags listed people’s names, their branch of the family and the generation they represent.

Rodolfo Paiz, Anya’s father and a family business consultant, said various branches of the family have evolved their own versions of the informal family mission statement. That can make sense as families change, he said.

“You can’t expect children of a sixth-generation family worth $200 million to go through the kind of cold and hunger and scarcity that their parents or grandparents or great-grandparents went through,” he said.

Chanel Robinson achieved exactly what the gold rush of blockbuster weight-loss drugs promised: She lost nearly 100 pounds, lowered her cholesterol to normal levels and reined in her polycystic ovary syndrome.

Yet, nearly three years into her journey on Mounjaro, the 30-year-old from Atlanta, Ga., is discovering the hidden costs of the slimmed-down life.

Robinson experiences muscle fatigue daily, feeling physically weak, frail and often cold. Robinson said she experiences bursts of sluggishness sporadically during the day, and has trouble with basic tasks like opening a jar. “It shouldn’t be this difficult,” she said.

GLP-1 drugs like Ozempic, Mounjaro and Zepbound have been a success for public health and the pharmaceutical companies that make them. Obesity rates are falling, the volume of food consumed in America is declining and retailers report a slump in sales of plus-size apparel. It has improved health and happiness for millions of people.

But for at least some of the 13 million Americans taking them, losing muscle along with fat is an unexpected downside that isn’t broadly discussed or immediately apparent.

The drugs can cause rapid and significant loss of lean muscle mass, up to 10%, comparable to a decade or more of aging, according to an analysis published by the American Diabetes Association.

The loss of lean tissue is similar to weight loss from dieting, but the magnitude over a short period can lead to frailty, instability and lack of coordination, doctors and researchers say. Another concern is that losing muscle could slow down patients’ metabolism, leading to weight regain.

“We are curing obesity by encouraging frailty,” said Daniel Green, principal research fellow at the University of Western Australia, who contributed to the analysis. Many taking weight-loss medications initially lose fat and feel great, but quickly start to feel weak and lethargic, he said.

Green’s research showed that the rate of muscle loss could be slowed significantly by regular strength workouts. “It should say ‘must be taken with resistance training’ on the box,” he said.

Drugmakers say weight-loss drugs should be taken only on the advice of a physician and as part of a long-term plan that includes diet and exercise.

A spokesperson for Eli Lilly, maker of Zepbound, said Food and Drug Administration guidelines say it should be used “with increased physical activity.” The spokesperson added: “Sustainable weight loss is about more than a number on a scale.”

Both Eli Lilly and Novo Nordisk said clinical trials showed users did lose some lean muscle tissue, though at far lower rates than fat. Liz Skrbkova, a spokeswoman for Novo Nordisk, said that trials for its drug Wegovy showed changes in muscle mass didn’t “significantly differ” from patients who took a placebo. Eli Lilly said users lost three times more fat weight than lean tissue.

Rayna Kingston, 30, from Denver, said her injections of Zepbound left her feeling so tired the following day that she struggled to complete anything other than basic tasks. She said she shifted her dose to a Sunday because Mondays were her least busy day. Her partner would bring her meals in bed because she felt so weak.

She stopped exercising, and said her doctor didn’t give her any guidance on strength training or muscle maintenance. “I was relying on Reddit forums to understand what was happening to my body,” she said. She got so frustrated with the fatigue she came off the medication just under two months later.

Experts say that losing muscle at such a rate can be especially dangerous for those over 50 or with osteoporosis or limited mobility as it could lead to an increased risk of injury. “Loss of muscle mass is detrimental to moving around and quality of life, but it is also not safe,” said Katsu Funai, associate professor at the University of Utah.

Elderly Americans are set to be able to get GLP-1s from Medicare from July.

There is also pushback from doctors and regulators against using weight-loss drugs as a “quick fix” to lose a bit of weight.

People who take GLP-1s regain weight four times faster than those who lose weight through lifestyle interventions, and weight regained is often mostly fat, according to a recent analysis published in the British Medical Journal. There currently are few, if any, guidelines or studies on de-prescribing the drugs, researchers say.

The nurse practitioner who prescribed Robinson the medication didn’t warn her that resistance training is essential to maintaining muscle mass, Robinson said. She said she regrets not exercising and now does Pilates once a week.

In the haste to disrupt the obesity epidemic, weight loss has been treated as the singular, undisputed metric of success, which experts say is problematic.

“People worship body weight as an outcome measure because it’s simple, quick and inexpensive,” said Green. “But what matters is fat and muscle mass, which is more expensive to measure as it requires an MRI.”

Grace Parkin, 34, a property manager from Sheffield, England, has lost 125 pounds after she started taking Mounjaro in 2024. “I don’t care about my muscle mass as long as I’m a healthy weight,” she said.

The doctor who prescribed the drug didn’t tell her to exercise, though the pharmacy that sold the medication gave her information on exercise and protein intake, she said.

She didn’t exercise and said she soon felt side effects: a “deathly cold, from the inside” likely because of the drug. Still, she vowed to keep going, saying the weight loss was worth it.

In response to some of the side effects, drug companies are hoping to develop weight-loss treatments aimed at preserving or even building lean muscle mass.

German drugmaker Boehringer Ingelheim recently said it had promising results from one such drug. Eli Lilly last September halted a trial of a similar drug.

While weight-loss medications are designed as lifelong treatments for chronic diseases, namely obesity and Type 2 diabetes, they are increasingly marketed as lifestyle fixes.

Tennis superstar Serena Williams, who used GLP-1s to slim down after having children, was featured in this year’s Super Bowl commercial promoting telehealth company Ro’s weight-loss medication.

Serena Williams holding a GLP-1 weight-loss medicine injector.

Serena Williams poses for an ad campaign for a weight-loss drug. Ro/Handout/Reuters

Women may be particularly vulnerable to the drugs’s side effects, which can also include nausea, diarrhea, migraines and rarer cases of pancreatitis.

A study last year from a university hospital in Turin, Italy, showed that women are more prone to adverse reactions to weight-loss drugs than men, including muscle loss.

Green, the researcher, said the issue is of particular concern to those taking GLP-1s recreationally and who don’t have much muscle mass to begin with. Others say a lack of oversight is compounding the issue.

“Patients are self-reporting, and telehealth companies don’t have the patient in front of them to conduct a proper medical assessment,” said Rupal Mathur, an internist in Houston whose practice specializes in weight loss.

She said medical spas are prescribing off-label drugs that don’t meet the criteria set out by the FDA that justify a prescription.

The number of people taking weight-loss drugs who are not living with obesity or Type 2 diabetes is difficult to track since it is unregulated.

However, an analysis by the FDA from 2023 found that more than half of new Ozempic and Mounjaro users didn’t have Type 2 diabetes.

Scientists are calling for more clinical trials to pin down the full effects of weight-loss drugs on muscle loss in different demographics.

“The only studies that have been done have looked at people living with obesity or Type 2 diabetes,” said Green. “That makes it all the more concerning for those using weight-loss drugs in an ad hoc or unregistered way.”

Wealthy Families Are Writing Mission Statements to Avoid Fights, Lost Fortunes

Advisors help families spell out their values for generations to come.

As millions flock to GLP-1s, doctors warn the drugs can cause rapid and significant muscle loss.