When there is more than enough wealth for the family itself, families often turn to philanthropy as a way of “giving back” to society. Like anything, philanthropy can be done well, and not so well, and for the right reasons as well as the wrong reasons. These factors are not necessarily connected – someone may support a charitable project purely to feed their ego, yet it may achieve substantial social good. Certainly, doing things for…
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David Werdiger, writer, speaker, adjunct professor, revolutionized cloud-based recurring billing as he migrated from his second-generation family business to C-level technology growth company roles. He is a frequent speaker at International Society of Private Wealth Network events, presents case studies at private HNWI events, and public national conferences. Werdiger is a #1 International Best-Selling author of the book ‘Transition; How to Prepare Your Family and Business for the Greatest Wealth Transfer in History’ and Founder of the Nathanson Pearson Family Office in Melbourne Victoria Australia.
Today Werdiger works from the #nextgeneration of EY Family Office Guide 2019 as the bridge between generations through The Nathanson Pearson Family Office Advisory. Utilizing technology tools like his exclusive Business Succession Risk Assessment (BSRA) programs and his Bridge Between Advisory Services (BBAS). Learn more about David Werdiger and his Programs of excellence at https://davidwerdiger.com and on social networks @dwerdiger and @davidwerdiger.
For more in-depth, thought-provoking discussion points and commentary on family and business, sign-up to gain access to the archives of Family Matters: https://www.transitionbook.co/family-matters influenced and partly based on the Book E-Myth Revisited case study.
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I’m thrilled to have joined the experts panel at &Simple, who are focussed on helping FOs and their service providers professionalise and be future-ready through insights, services and data. In my first insight published on their platform, I articulate three principles of good family governance: 1. The stewardship (rather than ownership) mindset: family wealth does not belong to any individual, rather to the family – both present and future. The people who happen to be responsible for it at any time…
How we deal with conflict in family business is totally different to a regular workplace. Why? In family business, we wear multiple hats: family member, co-worker, owner, and those roles can lead to conflicts of interests. The work hierarchy is overlaid by the family hierarchy, and that can lead to … conflicts of interests. And unlike a regular workplace, it’s not quite so easy to just quit for another job. By their nature, families and…
James Clear famously said: “Ambition is when you expect yourself to close the gap between what you have and what you want. Entitlement is when you expect others to close the gap between what you have and what you want.” Not everyone is ambitious – some people are just happy with what they have or don’t have a large gap between what they have and what they want. And that’s perfectly fine. But what of…
In society, the wealthy often get a bad rap. If you’re a wealth creator, people may view the wealth you have created as coming at the expense of someone else. They may rally against “inequality” – that some people have (a lot) more than others. The fact is that the gap between wealthy and poor is increasing – each one is a reinforcing loop so the rich tend to get richer and the poor get…
The headlines are everywhere – a high percentage of family businesses have no formal succession plan – and then the story launches into the usual tropes about estate planning, life insurance, choosing a successor, etc. But maybe we should be turning this upside down? After all, by necessity, a family business succession involves two generations – the incumbent and the rising – and so much of the thinking about succession focusses on (a) the perspective of the…