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Coronavirus ‘Postdictions’

By Kim Adams20 March, 2020July 16th, 2021Articles, Times of Israel

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In this article, David discusses how the global pandemic brings out thoughts of a messianic future. [Times of Israel].

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COVID Challenges & Opportunities [Reprinted with

COVID Challenges & Opportunities

[Reprinted with permission] Different places around the world continue to deal with the challenges of COVID in different ways. Whether they are experiencing a second wave, or varying degrees of opening up, many of the challenges and opportunities are still present.

Families in business together can move into action more quickly than most corporate entities because they’re more flexible, aren’t focused on the next quarter’s results, and understand the values that have made them successful over generations.

Leaders of family businesses that are effectively managing the crisis are prioritizing governance as an 'essential service' - adapting oversight of the enterprise under conditions of extreme uncertainty to ensure that family owners, board members, and executives remain aligned.

It is not surprising that many multigenerational family businesses are experiencing the pandemic differently from non-family businesses. Surprisingly few had deeper concerns about their survival and well-being as a family business. This is because multigenerational family businesses tend to define success in ways that go beyond short-term profits.

In addition, the pandemic is accentuating the need for UHNW families to have a holistic, fully-integrated family office solution in place. This becomes even more critical when a family owns more complex assets and as the value and complexity of the balance sheet grows.

Actionable Generational Wealth Succession:
For more view Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com.

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

Gender Equity in Family Wealth There are several

Gender Equity in Family Wealth

There are several good reasons why family enterprises should care about making active efforts toward gender equity. If they want family members to be involved, their talent pool is limited, so why waste 50% of their potential? A more diverse leadership team will reap the same benefits that have been noted in the non-family business world. Finally, family cooperation, collaboration and harmony are important to families, so excluding women from paths to leadership can lead to resentment and conflict.

In general, the family business world appears to be somewhat behind the corporate sector in explicitly considering issues of gender equity. There is variability across the world, and it is apparent that cultural norms play a strong role.

Some examples: only 7% of senior management positions in the 100 biggest firms held by German families are women, and the top people managing those firms are mostly male, German and advanced in age. In India, women-led family businesses have increased by 58% since 2007. In the US, married women 45 and younger are twice as likely as older married women to make the financial decisions in their families, which is partly due to women marrying at later ages than their parents’ generation (note that these studies are not directly comparable as they don't all focus on family enterprises).

Another portion of the US study measured unconscious bias in the financial advising industry and found that while most advisors have “good intentions,” they are still more likely to make (incorrect) assumptions about the investment knowledge and risk appetite of women.

https://davidwerdiger.com/2023/01/gender-diversity-in-family-wealth-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.

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

How Women on Boards Navigate the “Warmth-Compete

How Women on Boards Navigate the “Warmth-Competence” Line

Gender parity on boards is showing signs of improvement. But having a seat at the table is just the first step; exerting influence around high-stakes decisions is vital, too. To better understand how women board members do this, researchers interviewed 43 women directors at U.S. companies. They found that these women had to navigate a fine line of appearing both warm and competent to get their opinions across, and did so using six key tactics: asking, connecting, asserting, qualifying, waiting, and checking. The researchers also note that it should not simply be up to women directors to navigate bias against them, and suggest four strategies for companies looking to improve gender parity on their boards — not only in number, but in influence.

Full article:
https://hbr.org/2023/01/how-women-on-boards-navigate-the-warmth-competence-line The Six Participation Tactics on Boards

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

Raising Heirs This is the conundrum of wealth cre

Raising Heirs

This is the conundrum of wealth creator parents: they want to raise children to value the hard work that helped them create wealth, but at the same time pass them wealth that means they never need to work. Talk about mixed messages!

In order to actually do this, one would have to live well below one's means, and/or withhold access for children to the family wealth so that they can live it 'tough' for a period of time until they were deemed 'ready' for the wealth. This is not just difficult, it can have serious unwanted negative side effects.

Instead, it might be better to seek to instil the value of 'stewardship' within the family: that the family is blessed with wealth, and what comes hand-in-hand is the need for responsible and conscientious management of the family wealth towards a higher purpose than consumption.

One cannot start early enough with the right kind of messaging as attitudes to money and spending are formed as early as age five. Children are often aware of the family’s spending, but don't always have a view of how much the family saves, invests, and gives back. We can prepare children for a successful relationship with money by telling family stories and talking about values.

Consider This: When did you find out your family was wealthy? How did you find out? Was that experience positive or negative? How does your family talk about wealth or answer questions from children about it?

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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