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Advisor traits to family business

When it comes to advisors, I have two simple rules:
1. Get good advisors
2. Listen to them
by David Werdiger

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To Keep a Conversation From Becoming a Conflict, U

To Keep a Conversation From Becoming a Conflict, Understand and Interrupt the Pattern of Escalation

There's only one thing you need to do to defuse a conflict. Listening isn't it.

We must be able to extend a hand across the aisle and talk to one another about any subject in any setting. That isn't always easy. But when you are equipped with effective communication tools and understand how to resolve conflicts, it becomes a lot easier to shift your mindset, respond relationally, and get the conversation back on track when it goes off the rails.

Full Article: https://www.inc.com/debra-roberts/to-keep-a-conversation-from-becoming-a-conflict-understand-interrupt-pattern-of-escalation.html

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

Wealth & Happiness Q: If the world's two richest

Wealth & Happiness

Q: If the world's two richest men cannot keep their wives happy, what hope do we have?

A: No, that's not a real question - it's a meme that circulated following the news of the divorce of Bill & Melinda Gates.

Many people with wealth realise that money can't make a wife (or anyone) happy, but that doesn't stop them trying.
In business, sometimes we decide to "throwing money at a problem". That means directing significant resources (financial and otherwise) towards solving the problem.

In families, throwing money at a problem is taken more literally - directing liquidity to placate unhappy family members. The assumption is that it will "smooth things over", but because it uses money as a proxy for the underlying problem, it doesn't address the underlying problem.

The best this response can hope to achieve is to kick the problem down the road, i.e. defer dealing with it or pretend it doesn't exist. However, consider that (a) the problem is not solved, and (b) in the meantime, the underlying family issues can continue to fester and can actually become worse.

Consider This: Have you "thrown money" at a difficult family situation? Why? What did you expect to happen as a result? What actually happened?

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

Wealth Transfer Fears Q: How do we protect the ne

Wealth Transfer Fears

Q: How do we protect the next generation from blowing our money?

A: Stop right there. Whether you have created or inherited the wealth, the language of the question reeks of a power, control and mistrust dynamic.

Many families either hang on to their wealth or setup structures to prevent their children from "blowing it" (which is often controlling from the grave). Yes, it's awkward having discussions about estate planning and family wealth, and who wants to talk about their own death?

A friend once said: "Procrastination is caused by fear. Don’t try to 'learn' how to stop procrastinating, find out what you’re really afraid of". It might be fear of death, fear of losing control, fear that children will not do what you expect of them, fear that divorce might lead to a loss of the wealth, or something else (or all of the above). Understanding those fears is an important barrier to overcome.

Successful families have had a willingness to be open with each other about the wealth that they’ve created, and not wait until death to leave everything to their heirs. Legacy is about passing on values and life skills to the next generation. If that is done well, the money (while it may be significant) becomes secondary.

Consider This: What are you waiting for? What are you afraid of?

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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