The conflicts that take place within wealthy families are often on display through the media as a result of their public profiles (and because people want to read about them). For outsiders, they can be hard to understand: What are they fighting about? Surely there is enough there for everyone?
But in fact, wealthy families have all the same family issues as others: sibling rivalries, favouritism, jealousy, power struggles, and the search for identity. The only difference is that in wealthy families, the conflicts can be played out with much bigger stakes.
Throwing money at a family problem doesn’t make it go away – the best it can achieve is to “kick the can down the road”, or defer it. It’s rarely about the money, which cannot – in and of itself – make people happy. Solve the underlying issues, and the money component suddenly becomes easier.
Advising a family business, or developing a wealth/business succession plan with a family is part business advisory, and part therapy (often more of the latter)
Consider This: How many arguments within your family look like they are about money, but are really about deeper issues?
Original articles: https://www.townandcountrymag.com/society/money-and-power/a27191152/rupert-murdoch-family-therapist-dynasties/, http://www.campdenfb.com/article/keep-out-ring, https://www.theatlantic.com/family/archive/2018/12/rich-people-happy-money/577231/
Actionable Generational Wealth Succession. For more in-depth, thought-provoking discussion points and commentary on family and business, sign-up to gain access to the archives of my Familosophy newsletter: www.transitionbook.co/member-area/
#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #successionplanning #workfromhome #governance #leadershipdevelopment #familybusiness #entrepreneurship