Wealthy Families Are Writing Mission Statements to Avoid Fights, Lost Fortunes - Kanebridge News
Share Button

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

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

By JULIET CHUNG
Wed, Oct 22, 2025 11:01amGrey Clock 5 min

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.



MOST POPULAR

Rugged coastal drives and fireside drams define a slow, indulgent journey through Scotland’s far north.

A haven for hedge-fund titans and Hollywood grandees, Greenwich is one of the world’s most expensive residential enclaves, where eye-watering prices meet unapologetic grandeur.

Related Stories
Lifestyle
The Workers Opting to Retire Instead of Taking on AI
By Lauren Weber & Ray A. Smith 07/04/2026
Lifestyle
ROLLS-ROYCE UNVEILS YACHT-INSPIRED CULLINAN SERIES FOR BESPOKE CLIENTS
By Staff Writer 30/03/2026
Lifestyle
BMW’s Electric i3 and iX3 Raise the EV Standard With a 400-Plus-Mile Range
By Jim Motavalli 26/03/2026

Their careers spanned the personal computing, internet and smartphone waves. But some older workers see AI’s arrival as the cue to exit. 

By Lauren Weber & Ray A. Smith
Tue, Apr 7, 2026 4 min

Luke Michel has already lived through two technology overhauls in his career, first desktop publishing in the 1980s and online publishing later on. But AI? He’s had enough. 

So when his employer, the Dana-Farber Cancer Institute, made an early-retirement offer to some staff last year, the 68-year-old content strategist decided to speed up his exit. Before, he had expected to work a couple more years. 

“The time and energy you have to devote to learning a whole new vocabulary and a whole new skill set, it wasn’t worth it,” he said. 

It isn’t that he’s shunning artificial intelligence—he is learning Spanish with the help of Anthropic’s Claude. But, at this point, he’s less than eager to endure all the ways the technology promises to upend work. 

“I just want to use it for my own purposes and not someone else’s,” he said. 

After rising for decades and then hovering around 40% in the 2010s, the share of Americans over 55 years old in the workforce has slipped to 37.2%, the lowest level in more than 20 years.  

The financial cushion of rising home equity and stock-market returns is driving some of the decline, economists and retirement advisers say. 

But for some older professionals, money is only part of the equation.  

They say they don’t want to spend the last years of their career going through the tumult of AI adoption, which has brought new tools, new expectations and a lot of uncertainty.  

Many people retire when key elements of their work lives are disrupted at once, said Robert Laura , co-founder of the Retirement Coaches Association and an expert on the psychology of retirement. 

“Maybe their autonomy is being challenged or changed, their friends are leaving the workplace, or they disagree with the company’s direction,” he said.  

“When two or three of these things show up, that’s when people start to opt out.”  

“AI is a big one,” he adds. “It disrupts their autonomy, their professionalism.” 

Michel, whose work required overseeing and strategizing on website content, has been here before.  

When desktop publishing arrived in the 1980s, he was a graphic designer using triangles and rubber cement.  

The internet’s arrival changed everything again. Both developments required new skills, and he was energized by the challenge of learning alongside colleagues and peers. 

It felt different this time around. “Your battery doesn’t hold a charge as long as it used to,” he said. 

He would rather spend his energy volunteering, making art, going to operas and chairing the Council on Aging in North Andover, Mass., where he lives. 

In an AARP survey last summer of 5,000 people 50 and over, 25% of those who planned to retire sooner than expected counted work stress and burnout as factors.  

About half of those retired said they had left work at least partly because they had the financial security to do so. 

In general, older Americans are less likely than younger counterparts to use AI, research shows.  

About 30% of people from ages 30 to 49 said they used ChatGPT on the job, nearly double the share of those 50 and older, according to a 2025 Pew Research Center survey of more than 5,000 adults. 

Baby boomers and members of Generation X also experienced the sharpest declines in confidence using AI technology, according to a ManpowerGroup survey of more than 13,900 workers in 19 countries. 

“We as employers aren’t doing a good enough job saying (to older workers), we value the skills that you already have, so much so that we want to invest in you to help you do your job better,” says Becky Frankiewicz , ManpowerGroup’s chief strategy officer. 

Jennifer Kerns’s misgivings about AI contributed to her departure last month from GitHub, where the 60-year-old worked as a program manager.  

Coming from a family of artists, she said, it offends her that AI models train on the creative work of people who aren’t compensated for their intellectual property. And she worries about AI’s effect on people’s critical-thinking skills. 

So she was dismayed when GitHub, a Microsoft-owned hosting service for software projects, began investing heavily in AI products and expecting employees to incorporate AI into much of their work. In employee-engagement surveys, the company had begun asking them to rate their AI usage on a scale of 1 to 5. 

When it came time to write reports and reviews, colleagues would suggest that she use ChatGPT.  

“I’d be like, ‘I have no idea how to use that and I have no interest in using AI to write anything for me,’” she said. 

It would have been more prudent to work until she was closer to Medicare eligibility, she said. But by waiting until her children were out of college and some of her stock grants had vested, the math worked. 

Her first act as a nonworking person: a solo trip to Scotland, where she took a darning workshop and learned how to repair sweaters.  

“The opposite of AI,” she said. 

Employers already under pressure to cut workers—such as in the tech industry—may welcome some of these retirements, said Gad Levanon , chief economist at Burning Glass Institute, which studies labor-market data. 

“The more people retire, the fewer they have to let go,” he said. 

Some of the savviest tech users are also balking at sticking around for the AI upheaval. Terry Grimm, who worked in IT for 40 years, retired from his senior software consultant role at 65 last May.  

His firm had just been acquired by a bigger firm, which meant learning and integrating the parent company’s AI and other tech tools into his work.   

Until then, Grimm expected he might work a couple more years, though he felt that he probably had enough saved to retire. 

“I just got to the point where I was spending 40 hours at work and then 20 hours training and studying,” said Grimm, who has since moved with his wife from the Dallas area to a housing development on a golf course in El Dorado, Ark.  

“I’m like, ‘I’ll let the younger guys do this.’”