Having a well-formulated succession plan is essential. 
By Russ Alan Prince
Your $5 Million High-Net-Worth Practice
A family dynasty is defined as a cohesive economic entity where the perpetuation of family wealth, values and objectives lasts for five or more generations. About 60 percent of ultrawealthy families (net worth = US $30 million or more) are strongly attracted to the concept of a family dynasty.
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The interest in creating a family dynasty is strongest among ultrawealthy families with single-family offices. Nearly three-quarters of them think along these lines, according to senior management at these single-family offices. Percentagewise, the founders of the single-family offices find the prospect of a family dynasty more appealing. At the same time, two out of five C-level ultrawealthy business owners are very interested in potentially creating a family dynasty. In these cases, more inheritors than founders find the idea of a family dynasty appealing. As the research is based on a worldwide sample, it is evident that the appeal of family dynasties is extensive and widespread.
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