“Families that are failing spend all their time on power.” Today's guest is Jay Hughes. Jay and I had a deep and fascinating discussion about the development of the elder in a family, the importance of the midlife crisis, and transcendent values.  We also discussed many great pioneers in the family wealth field like Joanie Bronfman, Charlie Collier, and Peter Karoff, and we also talked about Matt Wesleys key paper on family culture, which I will link to in the show notes. Jay also mentioned that he is writing a new book with Mary K. Duke and Stacy Allred, and has a lecture course online with David Specht of the Drucker School, part of which I will also link to about the five capitals of wealth.   We turned over the new ideas in Wealth 3.0 and Jay had some great insights about how the industry restrains the field and how ideas evolve. This is the inaugural interview The Inheritance Podcast in a series in conjunction with the James E. Hughes Jr Foundation.  I’d like to invite you all to join us on this journey of exploration as I talk to Jay and those he has influenced  Next up is Gunther Weil talking about values. Jay Hughes is an author, advisor to families, and founder of a law partnership in New York that represented private clients throughout the world, and now retired from the active practice of wealth. His wonderful book, Family Wealth, Keeping it in the Family, has become a classic in the family wealth space, and where he warns that the shirtsleeves proverb is a warning and not a curse.  Please enjoy my interview with Jay Hughes. Link to Matt Wesley Paper on Culture:  https://jehjf.org/the-blob-how-culture-eats-structure-for-breakfast/ Link to Drucker Interview:  https://vimeo.com/746951432/5cae8e6538 Link to Jay's book:  https://www.amazon.com/Family-Wealth-Keeping-Intellectual-Financial-Generations/dp/157660151X Link to James E. Hughes Jr. Foundation:  https://jehjf.org NOTE:  This podcast is for educational and entertainment purposes only.  Anything said by the guests or host should not be construed as legal or investment advice.  Thanks for listening. Joe Reilly is a family office consultant, and the host of the Private Capital Podcast as well as the Inheritance Podcast.  FOLLOW JOE: https://twitter.com/joereillyjr WEBSITE: https://www.circulus.co/ PRIVATE CAPITAL PODCAST:   https://podcasts.apple.com/us/podcast/private-capital/id1644526501 Thanks for listening.  If you like the podcast, please share it with your friends and take a minute to leave us a review on Apple Podcasts.  We appreciate it. ©2023 Joe Reilly