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Kids & Unintended Consequences

Unintended Consequences & Kids

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

One of the great challenges of family wealth is raising children. And one of the best articles I’ve read on the topic (and I read a lot of articles) is the first link below, and I urge anyone for whom this is an issue to read it in full. It’s very important to be aware of the unintended consequences of our beliefs about wealth and the messaging we convey to our children about them. How…

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Family Equaliser

The Family Equaliser

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When there is more than enough wealth for the family itself, families often turn to philanthropy as a way of “giving back” to society. Like anything, philanthropy can be done well, and not so well, and for the right reasons as well as the wrong reasons. These factors are not necessarily connected – someone may support a charitable project purely to feed their ego, yet it may achieve substantial social good. Certainly, doing things for…

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Principia Familia - Image by Zoranm Canva Pro

Principia Familia

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I’m thrilled to have joined the experts panel at &Simple, who are focussed on helping FOs and their service providers professionalise and be future-ready through insights, services and data. In my first insight published on their platform, I articulate three principles of good family governance: 1. The stewardship (rather than ownership) mindset: family wealth does not belong to any individual, rather to the family – both present and future. The people who happen to be responsible for it at any time…

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Family business owner or management

Family Governance; Owner or Management

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When family wealth is controlled or owned by a single person (usually the wealth creator), things are simple. But at some point, the wealth will likely pass to more than one person – the wealth creator’s children. In respect of the family wealth, the members of the family are bound together through three circles of involvement: family, business and ownership. That adds a huge degree of complexity, as no decision gets made in isolation. Strong…

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Q&A How Much to Help?

Q&A. How much to help?

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

Q. How much extra financial support should we give our children? A. This is one of the great balancing acts parents need to perform. Too much and kids might end up spoiled or entitled. Too little and the wealth is not there for them when they actually need it (and if it’s not, then what’s the point of it?) We all have a particular psychology of money, and these attitudes are formed in our early…

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Due Diligence in Family Office

Due Diligence

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

The recent Vanity Fair expose of the Ritossa FO conferences gives us pause to reflect on one of the most important sources of value for families: our networks. Our networks are a source of deal flow – families like to co-invest and always look to what others are doing. They also are an important step-up for our children – helping them with education, employment and more. Membership organisations and the event/conference circuit play an important…

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Family Business Conflict

Family Business Conflict

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How we deal with conflict in family business is totally different to a regular workplace. Why? In family business, we wear multiple hats: family member, co-worker, owner, and those roles can lead to conflicts of interests. The work hierarchy is overlaid by the family hierarchy, and that can lead to … conflicts of interests. And unlike a regular workplace, it’s not quite so easy to just quit for another job. By their nature, families and…

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Upside Down Succession

Upside Down Succession

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The headlines are everywhere – a high percentage of family businesses have no formal succession plan – and then the story launches in to 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…

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Entrepreneurial Spirit Legacy

Entrepreneurial Spirit Legacy

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Most wealth is created through entrepreneurship: taking a risk to start a business, and growing that business. Some families with generationally “old” money (i.e. more than 3-4 generations removed from the wealth creator) may have their family wealth in passive assets, and the entrepreneurial spirit that created it is long gone from memory, sometimes irretrievably lost. For families that hold (or acquire) operating assets, it’s important to maintain that entrepreneurial spirit in subsequent generations, but…

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Family Business Advisor Traits to Consider

Consider these Family Advisor Traits

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

When it comes to advisors, I have two simple rules: Family advisors need additional skills because they must work with the various members or governance structures of a family, and key people & structures may change with time. They need to know about communication, in order to help the family members themselves communicate well. They need to understand family dynamics, and get to know the ins and outs of the families they deal with. They…

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