The ongoing debate about ‘generation wars’ will never stop, but here’s an interesting take on this from Slate Magazine, which claims that research on generations is flawed. Statements like “baby boomers are selfish” and “millennials are narcissists” abound, but where is the science to support this, it asks. While they acknowledge that times change and people do, they reject the idea that distinct generations capture and represent these changes. The author then goes on to…
David was interviewed in Totalprestige Magazine to discuss his entrepreneurial journey, adapting to change, and his bestselling book Transition. In the in-depth interview, David discussed his own personal journeys: from working 60-hour weeks immersed in his own businesses (three of them) to life as a strategic adviser helping business owners and families, and from failing high school English to being a bestselling author. Diving head first into business seemed an obvious choice at the time, but…
Not surprisingly, Baby Boomers and Millennials use Facebook very differently. This is manifested in their social media approach to friendship, family & romance – where Boomers reconnect while Millennials seek to expand their personal networks. Boomers use Facebook to augment their existing news sources, while for many Millennials, social media becomes their primary news source. And of course Millennials are far more tech savvy, having grown up with technology. Social media can be a powerful…
Affluenza and entitle-itis are some of the newest ‘diseases’ that afflict the wealthy, and of course there is always the ubiquitous ‘privilege’ that almost everyone is now obliged to check. In her book Uneasy Street: The Anxieties of Affluence, Rachel Sherman, associate professor of sociology, has interviewed 50 affluent parents in and around NYC to understand the challenges they face raising children with wealth. They are somewhat torn between stigma of wealth and the competitive…
Have the Baby Boomers ruined the US economy (and the world) for the Millenials? That’s what Bruce Gibney asserts in his book A Generation of Sociopaths: How the Baby Boomers Betrayed America. Gibney lays blame on the Boomers that have controlled Congress for decades for the huge increase in the debt-to-GDP ratio, the under-investment in infrastructure, and inaction on climate change. He claims that it all stems from their lack of investment in the future….
Increasing life expectancies have meant that for the first time in history, four generations are alive at the same time. This has important implications for the timing of the transition of family wealth. There is an ‘inheritance boom’ coming when the Millennial generation inherit the wealth of the Baby Boomer generation, but this is expected to peak in 2035 when the average Millennial has already passed the age of 60! Some wealth originators shudder at…
According to Australian research, family businesses are ill prepared for succession planning, appointing a new CEO, or even a strategy for the future of the business. The first consideration is whether anyone in the family even wants to take over the business – plenty of children have no interest. Then, decide if the current owner(s) want to hand it over. Any successful transition needs both of those things at the outset. It might be better…
Following the successful launch of his book Transition, David was interviewed for an article in CPA Australia’s magazine INTHEBLACK. “12 commandments of the family business” discusses the challenges of mixing family with business, particularly in the context of the estimated A$3 trillion wealth transfer taking place in Australia. Family business is a huge portion of the Australian economy, comprising 70 percent of businesses, and 50 percent of employees. Key success factors are vision, and governance….
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