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Conflict in Family Business

Conflict in Family Business

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Family business conflict is often over long-standing concerns relating to roles and contributions to the company as well as family issues like rivalry and jealousy, and can simmer just below the surface for decades. Nothing can undermine a successful family business faster than an unresolved conflict among its owners. One thing that distinguishes conflict in family businesses is that the owners make the rules and therefore can also break them. Family squabbles are usually highly…

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Nextgen Custodian of Wealth

Preparing NextGen Custodians of Significant Wealth

By Articles, Familosophy, Featured Posts, LinkedIn, original No Comments

How can families best prepare the rising generation for inheritance and/or joining the family business? Parents may reasonably worry about raising spoiled or entitled offspring, and may feel uncomfortable discussing topics like wills and trusts before their kids are mature enough to grasp such concepts. However, a failure to prepare children for the responsibilities that come with being a custodian of significant wealth is not in the best interest of the child or the assets….

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Rising Gen Entrepreneurship and ESG

Rising Gen Entrepreneurship & ESG

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Successful entrepreneurs are often control freaks. But they can’t control whether their children can take over the business or the assets and keep them growing. Entrepreneurs may be visionaries, but sometimes it takes an external advisor to identify choices that they might otherwise overlook. Transferring full control of an operating asset to children isn’t the only option. Neither is continuing the way things have always been done just for the sake of it. The drive…

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Exit planning for advisors

Risks for Advisors and their Clients

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

The cobbler’s children go barefoot: Advisors don’t spend enough time thinking about their own succession and exit planning. Like most people, many are too involved in the day-to-day work. But like family businesses, exit planning for advisors is not just a financial transaction, but is also the chance to leave a legacy.  The wealth management industry is ‘old’ – the average age of financial advisers today is about 55, with 20% of them 65 or…

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Perspective for family business and covid grieving

Grieving 2020

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

The pandemic is not over, but after nearly a year, we know a lot more, and there are reasons for hope. There are feelings of ambiguous loss, of knowing we can’t go back (and perhaps not wanting to), but missing who we were and what we had “before”. As 2020 draws to a close, we may be catching up with family, in some cases after being separated for a long time. It is a time…

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wealth transfer woman succession attorney

Wealth Transition

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

A successful wealth transition means the family stays intact and they maintain control of the assets. Ideally, you’d like both. Some families can only achieve one, and some end up with neither. People often setup their estate plan so that it will avoid tax and preserve wealth, but they’re really not paying attention to the impact of their plan on the next generation. The biggest risk to their assets is not the market or the business or…

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Gender in Family Wealth

Gender in Family Wealth

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

There are several good reasons why family enterprises should care about making active efforts toward gender equity. If they want family members to be involved, their talent pool is limited, so why waste 50% of their potential? A more diverse leadership team will reap the same benefits that have been noted in the non-family business world. Finally, family cooperation, collaboration and harmony are important to families, so excluding women from paths to leadership can lead…

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Family Office Challenges and Opportunities stemming from COVID

COVID Challenges & Opportunities

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Different places around the world continue to deal with the challenges of COVID in different ways. Whether they are experiencing a second wave, or varying degrees of opening up, many of the challenges and opportunities are still present. The issues that have arisen through the pandemic are primal, and place the fragility of life in sharp relief. Our instinctive responses also also primal: fight/flight/freeze, and we can remain locked in such states for a prolonged…

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Challenges in Family Business Succession

Challenges in Family Business

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Studying failure is far better than studying success because it’s easier to avoid doing the wrong things than mimic the good that others are doing. Here are some of the ways things can go awry: Families and businesses don’t grow at the same rate. From the third (and sometimes second) generation onwards, the family often grows faster than the business. What happens if many family members look to the business for employment or supplementary income?…

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Family Office Governance

It’s all about Governance

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

In times of chaos, economic uncertainty, and the crushing burden to lead the family’s assets out of the fire, the need for governance grows even stronger.  Too many families consider family governance as a side dish – a pesky bug that wants to take away all the attention and resources from the main priorities which are revenues and operations. There is also an emotional side to effective family governance which is often overlooked by the…

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