
Wealth and Relationships: Roles and Responsibilities
The Cavanaugh family decided that any family member having a “significant” decision-making financial responsibility role within the family enterprise was required to have at least an undergraduate degree and five years of “progressively responsible experience” working in a corporation not controlled by the family. The defined “significant” as “any role capable of obligating more than 1 percent of the family’s liquid assets during the calendar year”. Establish clear roles duri