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Why communication is important Research has shown Why communication is important Research has shown that 60 per cent of failed intergenerational family wealth transition are due to problems with trust or communication. Communication isn't important in families. It is everything. If a family cannot communicate, it cannot function as a group. It's that simple. What does poor communication look like? An absence or lack of communication (e.g. "it's none of their business", "they don't need to know", "we know what is best for them") is patronising, infantilising, and leads to a loss of trust. There is often hesitance to discuss family wealth or estate planning with family members because of the conflict it might cause. But not discussing simply leaves the latent conflict to fester. Some cultures have a strong concept of strictly obeying the mature generation - this has the potential to create interpersonal and internal communication barriers. Negative, emotional, distracting and damaging interactions among family members can lead to the "Family Drama Vortex". What does good communication look like? Creating a space where family members can ask and answer difficult questions like “What is our wealth for?”, “What is our family’s purpose?”, “What is our true value?”. To communicate effectively, we need to listen. This may sound like a platitude, but not everyone can do it, especially when talking to someone we think we know well, such as our children. A history of poor communication in a family means you have to work extra hard to regain trust and learn now to communicate well. Because communication is difficult, especially across generations and borders, it can help to have external guidance and facilitation. That is best coming from a specialist, and not necessarily the 'default' choice of lawyers and accountants. Actionable Generational Wealth Succession For commentary on family and business conflict resolution, access my Familosophy newsletter https://DavidWerdiger.com. #familyoffice #wealthmanagement #conflictresolution #strategicmanagement �#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
Cultivating Entrepreneurship Not every entreprene Cultivating Entrepreneurship Not every entrepreneurship story is "rags to riches". Many high-flying entrepreneurs came from from upper-middle-class families. While they don't owe their success entirely to mom and dad, without their parents’ help, be it financial or otherwise, they may have never gotten their ventures off the ground. Research has shown that 75% of entrepreneurs from 48 countries said that their family was involved in starting their businesses. Family money and background plays a critical role when it comes to starting up a business. In some cases, it can provide a financial safety net in the case of failure. As much as economically, the family environment that has a big impact on the startup entrepreneur. Entrepreneurial behaviour is driven by families, not just family businesses. Families can act entrepreneurially together to create growth, and foster entrepreneurship and positive impact in society. This doesn't happen by default. While the entrepreneurial spirit of the founder may be passed along to their children, the spirit and drive may dissipate in subsequent generations. Passing on the creativity and innovation of the founding generation across new generations is a challenge of the highest order In some families, the elders were able to build intergenerational bridges to their grandchildren by mentoring them as young entrepreneurs. The value created in doing that is far more than financial. Consider This: Does your family 'remember' the entrepreneurship of the founder(s)? What do you do to foster the continuity of the entrepreneurial spirit? (e.g. share stories? invest in entrepreneurial risk asset class? mentor rising generation entrepreneurs?) 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
How Family Dynamics Play Out at Work Are you the How Family Dynamics Play Out at Work Are you the “workplace parent,” the office “problem child,” or your team’s “golden child”? According to Bowen Theory, emotional systems affect our social relationships — both at home and at work. Host Morra Aarons-Mele speaks with Kathleen Smith, an associate faculty member at the Bowen Center for the Study of the Family, about how family systems theory can help us better understand leadership and relationships with coworkers. Full article https://hbr.org/podcast/2021/11/how-family-dynamics-play-out-at-work 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
Family Business - blood non-blood Unless your fam Family Business - blood non-blood Unless your family business is a "mom & pop corner store" (which is more akin to owning a job than owning a business anyway), you will need to have a mix of 'blood' and 'non-blood' people working in it. As any business matures and grows, there becomes a need for professionalisation and systemisation. While owners may put a high value on the people in the business (especially family), the true value created in any business is through systems. A business that cannot function as well without family members is not worth very much to a potential buyer. Family or non-family CEO? That is a huge question for many family businesses, especially as the founder generation seeks to retire. Even if there is a family member who is willing and able, is that what is best for the business itself? For a non-family CEO to succeed in a family firm, they must understand the values of the family. The family also needs to be able to articulate those values to the CEO, and monitor their adherence in some way (which is by no means simple). The challenge for any incoming CEO of a family business is to maintain and respect the ingrained culture, and at the same time drive the business forward. It is important to create an atmosphere of inclusion and purpose, and ensure people outside of the family are also seen and heard. In larger business with many family members involved, possibly from multiple branches of the family and multiple generations, the kinship tensions are multiplied to a great degree. It's important for family members to retain their own identity and not become overly subsumed within the family enterprise and its mission. Having people outside the family circle who can provide objective feedback - whether as advisors to the board or mentors to family employees - can be very helpful. Actionable Generational Wealth Succession Access my Familosophy newsletter https://DavidWerdiger.com. #familyoffice #wealthmanagement #conflictresolution #strategicmanagement �#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
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