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Family Office Priorities – image by Drazen Canva Pro

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How to Have Jewish Grandchildren Who Wants to be a Leader? And who before his time?

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How the good intentions in estate planning can go

How the good intentions in estate planning can go sideways

Andrew Carnegie once said, “It is more difficult to give money away intelligently than to earn it in the first place.”

Full article
https://www.pressenterprise.com/2023/04/16/how-the-good-intentions-in-estate-planning-can-go-sideways/

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 #leadership
#entrepreneurship

Dreamtime at the ‘G! #gotiges

Dreamtime at the ‘G! #gotiges

Turning Succession Upside Down The headlines are

Turning Succession Upside Down

The headlines are everywhere - a high percentage of family businesses have no formal succession plan - and then the story launches into the usual tropes about estate planning, life insurance, choosing a successor, etc.

But maybe we should be turning this upside down? After all, by necessity, a family business succession involves two generations - the incumbent and the rising - and so much of the thinking about succession focusses on (a) the perspective of the incumbent generation, and (b) the legal, structural and procedural.

What does succession look like from the rising generation? Are they plagued with self-doubt or burdened with high expectations? What of their own personal dreams and needs to individuate? While they may be chosen/groomed from a young age to do the job, it's very important that they are taking it on for the right reasons, and have the space to make the role truly 'theirs'.

And just like company mergers most commonly fail on culture, family business successions are seriously put at risk if there are family "elephants in the room" that are not dealt with. Issues that might seem petty (especially to parents) can fester over many years, and explode once the incumbent generation have stepped aside or passed away.

Consider This: Is the rising generation in your family business interested in taking over? What are their dreams and aspirations (both about the family business, and in general)? Have you discussed this with them early in your own succession planning process?

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

The Spirit of Entrepreneurial Legacy Most wealth

The Spirit of Entrepreneurial Legacy

Most wealth is created through entrepreneurship. When wealth creators think about the legacy they leave to future generations, the most common thing that comes to mind is the wealth itself, which is the product of entrepreneurial activity. But what of the entrepreneurial spirit itself?

Gates, Bezos, Musk and others received support from their families in the early stages of their ventures. Family members who are so inclined can more readily access seed capital to fund their ideas. However, it's important to bear in mind that decision-making and risk-taking abilities are influenced by the socioeconomic background of the founder.

Some midlife entrepreneurs are forming businesses alongside a younger member of their family or with a co-founder decades younger. This is a wonderful intergenerational bridge and a great way to transmit those values as well as generational wisdom and experience.

Some rising gen family members are carrying forth her family’s legacy in their roles, and adding new dimensions, such as women’s empowerment in entrepreneurship. Another approach is to honour the family’s entrepreneurial legacy while also approaching their industry in a new way.

Of course, this is not for everyone. Just because someone comes from a family of entrepreneurs doesn’t necessarily make them one. Entrepreneurship has several ingredients including appetite for risk, grit and determination, and leadership.

Consider This: Does your family have a cultural memory of the entrepreneurial spirit that created its wealth? How is this expressed? Is entrepreneurship encouraged/developed in the rising generation?

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 #leadership
#entrepreneurship

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Home
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Author, Entrepreneur & Speaker

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