Featured Posts Archives - David Werdiger
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Hoe do next gen prove themselves

My Parents Haven’t Given Me a Single Cent

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Consider this from two perspectives: the family and the individual. Do families demand that younger generations prove themselves in some way, perhaps before being allowed to join the family business or take some other role with respect to the family assets? The other side is the view of the younger family member. Being born into wealth can be a lodestone, especially the way ‘privilege’ is a dirty word in some circles. The world loves a…

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Challenges in Family Business Succession

Challenges in Family Business

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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

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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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Wealthy Family Conflict Resolution

Wealthy Family Conflict

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Case Study: A wealth originator dies leaving a second generation son in charge of the operating business and family fortune. A mix of 2nd and 3rd generation family members are employees but a 3rd-Gen college grad, never having worked in the family business, proposes a new business venture and asks the family to invest. Read this Horizons Article on how best-selling author David Werdiger describes a resolution-construct to navigate between the conflicting agendas and uncover…

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3 family lessons of Greanleaf series on Netflix

Three Family Lessons from Greenleaf (on Netflix)

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A powerful and prominent family, and the religious institution they run. That was more than enough to pique my interest, and after rapidly working our way through three seasons of the outstanding Netflix series Greenleaf, it reinforced so much I already know about family business, succession, and intergenerational transition. When telling people about this series, I delay mentioning the setting – a African-American mega-church in Memphis. While that aspect adds a wonderful dimension, the intersecting…

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Greed or Envy - 7 deadly sins

The Seven Deadly Sins

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Consider This: Are members of your family more driven by greed or envy? While neither are good attributes, what can you do to mitigate their risks? Greed and Envy are two of the ‘seven deadly sins’ and are relevant to material wealth. Economists adopt the fundamental principle that people seek wealth maximisation (a form of greed), but is this really the case? Because we live in communities and families, it can be argued that the…

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Next Gen Philanthropy

Rising Gen Philanthropy

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There are very different generational attitudes to philanthropy in families. While previous generations saw philanthropy as “giving money to non-profits”, the rising generation of wealthy individuals has broadened and redefined the term, considering it to be “the action of transforming others’ social well-being through generosity”. The rising generation is more engaged and involved in philanthropic endeavors, and do so at earlier ages than their predecessors. They’re also motivated by the value propositions behind sustainable and…

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Pandemic Succession Planning

Pandemic Succession Planning

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Abraham Lincoln famously said: “Don’t swap horses in the middle of the stream”. Is a global pandemic the best time to change leaders? Or is it better to avoid dramatic changes during uncertain times? While we’d like to be well prepared, and knowing that succession planning is a process rather than an event, families may find themselves needing to accelerate the process at these times. Unplanned transitions don’t have to inevitably end in disaster, but when they…

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Family by Marriage

Family by Marriage

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How to deal with family members by marriage poses significant challenges to wealthy families. Should they be allowed to work in the family business? If so, should there be a ceiling on their authority (stock, voting rights, etc)? Do they have a seat/voice at family meetings? What if the only person in the rising generation with the skills to be involved in the family business is a child-in-law? What to do when a marriage is…

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trends in family office

Evolving Trends in Family Office

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The family office space is constantly evolving. This is driven in part by the investment flavour of the month, global economic/political trends, wealth transition within families, the family follow-me-go-round (families looking at what others are doing), and the general competitive environment amongst FO offerings. Essentially, a family office is a set of services used by a wealth family to manage its wealth and other associated needs. There are no rules for how a FO can…

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