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Beware a Culture of Busyness Once upon a time, le

Beware a Culture of Busyness

Once upon a time, leisure was a sign of prestige. Today that idea has been turned on its head, and busyness is the new status symbol. Busy people are considered important and impressive, and employees are rewarded for showing how “hard” they’re working. Such thinking is misguided.

This article explores both the downsides of busyness (employee turnover, reduced engagement, absenteeism, and impaired health) and the reasons for our obsession with it.

Full Article https://hbr.org/2023/03/beware-a-culture-of-busyness

Actionable Generational Wealth Succession
For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement �#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment�#entrepreneurship

Q&A: Can we talk? Q: How do we tell the kids abou

Q&A: Can we talk?

Q: How do we tell the kids about our family wealth?

A: First and possibly most important point: they already know. By the lifestyle you lead and the people you mix with, your children have already made assumptions about the family wealth. They will also have garnished information on this topic from friends and from public sources. That means in terms of controlling the conversation, you are already well behind, so be aware of what you can and can't control when it comes to talking about wealth. That also means it's never too early to be aware of the messages you are sending to kids - both implicit and explicit.

The way to approach talking to kids is to lay a strong foundation. Wealth, in and of itself, is not a foundation. It's not a goal; it's the means to a goal. The foundation is around the values and beliefs about wealth: what does it mean to be wealthy? what can money buy and what can't it buy? what responsibilities come with wealth? what are the family values that transcend wealth?

These are deep and difficult questions. Before attempting to talk about them with kids, ensure you have some answers to them for yourself. That can be a process in and of itself. It might be helpful to have some of these discussions facilitated by an external advisor to ensure that you are well prepared, and that they stay on track.

When to actually sit down and talk about it? Milestones are useful: when kids complete school, get married, or themselves have kids. Always be prepared to answer the question "why are we talking about this now?"

https://davidwerdiger.com/2023/03/can-we-talk-2/

Actionable Generational Wealth Succession
For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement �#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment�#entrepreneurship

Defining Philanthropy: COVID & beyond Many famili

Defining Philanthropy: COVID & beyond

Many families struggle with the 'why' of their wealth. Defining a philanthropic strategy is a great way for a family to articulate a purpose for their wealth. However, only 20% of families have a formal process for doing so.

At the start of COVID, there was concern that financial pressure on families would lead to a reduction in philanthropy. But in a recent survey, 43% of respondents said that the pandemic had not altered the way their family thinks about or acts when it comes to contributing to the community and wider society. The pandemic has also been effective in turning many families’ attention to the inequalities closer to home, which has led to an uptick in local giving initiatives.

The rising generation of family business leaders have been the driving force behind families increasingly integrating philanthropy into their business practices. Families are also using philanthropy to engage and educate their rising generation in the family business, and starting to think in a more holistic and cohesive way.

Philanthropy is a great entry point for young children about wealth - according to some it can start as soon as the child says 'mine' for the first time. Some experts encourage families to structure a three-part allowance for children: spending, saving, and giving.

But philanthropy is not a panacea that will lead to fighting family branches uniting around a common theme and singing kumbaya. Conflicts between family members or branches can actually be aggravated through highly emotional discussions around giving. Tread carefully, and first build a foundation around shared values.

Actionable Generational Wealth Succession
For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement �#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment�#entrepreneurship

The reality of wealth and your kids Protecting yo

The reality of wealth and your kids

Protecting your children is fine when they are young, but as they grow up, in a family with significant assets and wealth, they need to learn that with their privilege comes responsibilities that they are expected to fulfill.

Full article:
https://www.familybusinessmagazine.com/reality-wealth-and-your-kids

Actionable Generational Wealth Succession
For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement �#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment�#entrepreneurship

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Home
Transition Book
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Author, Entrepreneur & Speaker

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