A ‘family business’ is more than just a business owned and operated by a family. In addition to being a vehicle of wealth creation and entrepreneurship for the family, these businesses can bring other non-financial benefits – known as “socioemotional wealth” or “social capital” – to family members. Being part of the family enterprises brings feelings of pride, personal reward and satisfaction, and can constitute a part of family members’ identity. These additional intangibles are…
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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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While I abhor the “generation wars” narrative that pops up regularly, the article below is about a novel – Boomer1 by Daniel Torday – that captures this generation wars zeitgeist, and tells the story of a frustrated millenial who takes his fight to the internet, complaining about boomers who refuse to retire and make jobs available to those of his generation. The article makes some great points about this ongoing debate, and postulates as to…
A common challenge for family businesses is when the rising generation have no interest in taking over. This can be especially common in sectors like manufacturing or farming which may be considered an attractive or exciting career path for younger family members to join. There are two concerns for the family members currently in control: (a) who will look after the business? (b) who will look after the customers? Both of these are important, because…
As a wealthy family, what is the most valuable thing you can give your children? One sure way to find out the answer is to ask (too often parents don’t bother). According to a Wells-Fargo survey of Millennials, more than 90% of children say they want to inherit their parents’ values, not their wealth. Some 84% want top sustain and build on their family’s legacy. This should be very heartening news for parents. In a…
Philanthropy can be a great way to engage different generations in a wealthy family, and for family members to find purpose where there is no imperative for paid employment. It’s worth keeping in mind the intergenerational differences and trends in giving so that the family giving experience can be as positive as possible. The Blackbaud Institute’s report on the next generation of American giving has some useful insights. Giving priorities differ by generations, but health,…
The essential problem family businesses must deal with is conflict of interest, which arises when people have multiple roles – in the business, as an owner, and as a family member – that can potentially conflict. Thinking about the issues of a family business in this way is a good path to mitigating the challenges they can bring. Establishing explicit rules is a good start, and this article covers several good ones: only put family…